Trusts are frequently created in wills, defining how money and property will be handled for children or other beneficiaries.
The trustee is given legal title to the trust property, but is obligated to act for the good of the beneficiaries. The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all profits from the trust properties.
A trust is a relationship whereby a property is held by one party for the benefit of another. A trust is created by a settlor, who transfers property to a trustee. The trustee then holds that property for the trust's beneficiaries when the inevitable happens.
An owner of a property, that places the property into trust turns over part of his or her bundle of rights to the trustee, separating the property's legal ownership and control from its equitable ownership and benefits. This may be done to control the property and its benefits if the settlor is absent, incapacitated, or dead.