A Trust is a legal agreement between at least three parties: the grantor (the person who sets up the Trust), the trustee (the person that manages the Trust), and the beneficiary (the person or people who receive benefits from the Trust). The grantor transfers assets to the trustee who holds them, in trust, for the benefit of the beneficiaries. You can have a revocable or irrevocable Trust. Your Will can have a Testamentary Trust that is created and funded at your death.