When property is held in trust, legal title is separated from the beneficial or equitable interest. The person in whom legal title is vested, and to whom the property is ordinarily assessed, is the trustee. The holder of the right to enjoy the property is the beneficiary. Furthermore, the Supreme Judicial Court has ruled that the taxpayer, by placing their property in trust, voluntarily chooses to separate legal title and beneficial ownership. If you have retained full ownership, naming yourself as trustee and beneficiary, or by retaining a life estate, you may be eligible for an exemption.