<p>A trust can be thought of as an artificial person or entity that  holds   property for the benefit of a real person. It is similar in some  ways to a   corporation, but in other ways it is very different.</p>
<p>The creation of a trust involves three persons. The Settler or  Creator   creates the trust. The settlors can be husband and wife.</p>
<p>The trustee is legally responsible for managing the trust property.  This can   be a professional trustee like a bank. Also the creators can  be the trustees.   For example, the husband and wife who create a trust  can also be the trustees.   If one of them dies then the survivor  usually remains as sole trustee. Sometimes   an additional trustee is  appointed. When the surviving spouse dies, then a   successor trustee is  appointed.</p>
<p>The third party to a trust is called the beneficiary or  beneficiaries. These   are the persons who receive the benefit of the  trust income and three   beneficiaries may even have the right to  withdraw the principal assets of the   trust depending on the creators?  wishes. Again the creators can be the   beneficiaries. For example, the  same husband and wife can be the beneficiaries   of their own trust.</p>
<p>The actual trust agreement is a long document which lists the trust  rules.   Many of the rules are custom tailored to the wishes of the  creators. For   example, the usual pattern is for the creators, husband  and wife, to be the   trustees and beneficiaries during their lifetimes.  They then control the   property in the trust. When one spouse dies,  then the surviving spouse remains   as trustee and still controls the  trust and has the right to the income of the   trust. When the surviving  spouse dies, then a new trustee is appointed to manage   the trust  property. The new trustee usually manages the property for the    deceased husband and wife's minor children and provides income and  support for   the minor children from the trust property. After the  children reach the age of   majority or an age designated in the trust,  the trustee then distributes the   remaining property to the adult  children.</p>
<p>Of course, there are a thousand variations that can be done and that  is one   of the advantages of a trust. The creators of the trust can,  within limits,   create unique provisions for the handling of the trust  property.</p>
<p>Why do you need a trust? There are two major reasons for having a  trust. The   first is that major death tax benefits result from an  estate planning trust.   Second, most probate expenses can be avoided by  the use of a trust.</p>
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