What is a Trust and What Does it Do?

A Trust can describe many things, but for Estate Planning purposes the best way we describe a Trust is like this – a Trust is a private contract whereby one person (called the “Grantor”) creates an entity that will hold assets for the benefit of someone (called the “Beneficiary”).  The person who administers the entity is the Trustee. The Trustee will be forced to follow the terms and conditions of this particular Trust entity as laid out in the Trust Agreement for the benefit of the beneficiary or beneficiaries.