A trust is a form of property ownership under which the benefits of owning property—real or personal (tangible or intangible)—are separated from the responsibilities of ownership. Put another way, it is an arrangement whereby someone holds legal title to, and manages, property for the benefit of someone else. A trust is an artificial being, generally created by a written document or instrument. Although not recommended, a person can create an oral, non-written trust for personal property simply by declaring that the property is being held in trust for the benefit of someone. However, trusts involving real property or trusts are created by a will must have written instructions.

There are two main types of trusts:
Living or Inter Vivos Trusts are created during the grantor's lifetime.

A Testamentary Trust is created in the grantor's will.

The Grantor or Trustor is the person whose property is placed in the trust.

The Trustee is the person who manages the property for the benefit of the benficiary.

The beneficary is the person who receives the income and may have access to the principal of the trust.

The remainderman is the person who gets the assets in the trust when the last beneficiary dies.

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