What is a trust?

A trust is an agreement between the creator of the trust (sometimes called a settlor or grantor), a trustee (a person or entity which accepts the job of managing the trust property in accordance with the trust) and one or more beneficiaries (those individuals or charities which will receive the trust’s benefits). There are many different types of trusts, but revocable trusts are a mainstay of estate planning. Clients mainly use revocable trusts as Will substitutes to avoid probate proceedings at their death, thus making their estates easier, faster, and cheaper to administer.