A trust can be created in a few ways. For example, a trust can be created by executing a trust agreement. Another way is by setting up a trust in your will (a "testamentary trust"). In either case, the Settlor, who sets up the trust, enters an agreement with the trustee to hold property for the benefit of others or even for the Settlor. The terms of the trust can vary and there is no one way to do a trust. Property transferred to a trust continues to stay in the trust unless it is distributed to a beneficiary or the trust is terminated for one reason or another.