A trust is a management tool and a form of titling property, typically for the benefit of you and members of your family. Technically, property is conveyed to a person or institution that serves as trustee, who is legally bound to adhere to the terms of a legal document - a trust instrument. The trustee is only empowered to manage the property in the way the trust instrument permits. The trust property is managed for the benefit of the beneficiaries and particular rules must be followed. You are often a beneficiary and trustee of a living revocable trust while alive. You totally control its operations. The revocable trust is then controlled by whomever you direct at the time of your incapacity or death. You maintain total control while capable, and often gain greater control over your life and property than you would have without the use of a trust.

At death, a trust can act very much like a will, but without having to be probated. Trusts created after your death often provide protection for your heirs, like a coat of armor, from the claims of creditors, divorce, taxes, and other threats against your accumulated wealth and can be used to instill and preserve family values. A trust can serve many purposes, and there are many types of trusts, only some of which are discussed in these materials.