Trusts are vehicles for the administration (by a “trustee”) of money or other property for the benefit of a third party (the “beneficiary”).  Trusts can be drafted within a Will such that they only come into existence upon the death of the person making the Will (the “testator”), or they can be drafted as stand-alone documents which come into existence during the life of the person making the trust (the “grantor”). The trust agreement sets out the grantor’s intent as to who will benefit from his or her property, and under what terms. It also sets out who will or can be the trustee, and the trustee’s powers. Trusts have many benefits, but they are not for everyone. If you think you need or want a trust, you should discuss it with your estate planning attorney.