A trust is an independent legal entity that has designated beneficiaries, and usually, a trust will derive the income they payout from a core asset base from the deceased’s estate. The trust’s asset base is then managed by a trustee who was either appointed by the deceased or if not, is appointed by the court. A trust will create specific rules for governing property and can save time, and speed up the legal process when distributing a person’s assets after their death. That said, trusts often include property rules which are difficult to change, and they can be complex and expensive to set up.