A trust is an entity created by a legal document. It is used to hold assets including cash, stocks, real estate, and other property. It's formed by a Settlor who transfers part or all of his property into the trust. The trust holds the title to the property and the trust is managed by a trustee. The trustee is responsible for managing the trust for the beneficiaries. Trusts can be a very effective way to plan an estate without needing to worry about probate issues.