A trust is a relationship whereby 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 holds that property for the trust’s beneficiaries. A beneficiary may be an individual, a charity, a corporation, or even the family pet. You may also include both current and future beneficiaries. Trusts are broadly divided into testamentary and living trusts with the former not activating until your death and the latter activating as soon as all the formalities of creation are in place. Living trusts can be further divided into revocable and irrevocable trusts. The type of trust you create will depend on the estate planning goals you hope to achieve with the trust.