What is a Trust?

A trust is a legal entity created when someone (the “Settlor”) enters into an agreement with another (the “Trustee”) to hold and manage title to property or assets on behalf of their beneficiaries. There are many different kinds of trust agreements (e.g., revocable trusts, irrevocable trusts, special needs trusts, etc.) and whether or not you need a trust as part of your estate plan depends on your unique background, financial position, and goals.