In essence, a Trust is a sum of money that is set aside with a set of rules for how it should be used. Officially, a Trust is a legal arrangement where one or more people or a company (called the Trustees) controls money or assets (called the Trust property) which they must use for the benefit of one or more people (the beneficiaries). The person or party that provides this money and determines the rules is called the settlor, donor or grantor.

A Trustee can be a professional with financial knowledge, a relative or loyal friend or a corporation. And there are pluses and minuses for each type of Trustee. An individual Trustee may provide a more personal touch. A corporate Trustee may be less personal but provides experience, investment skills, permanence and impartiality. However, more than one Trustee can be named by the grantor if they wish.