A trust is a legal document that “entrusts” property to a trustee (a bank, attorney, individual or trust company) to manage for the maker/trust owner. And when applicable distributed to person(s) designated by the maker/trust owner known as the trust beneficiary. Trusts usually involve very specific and detailed instructions on how a trustee is to carry out the duty of managing or distributing the property on behalf of the maker and beneficiary. Trusts are most often used with estate planning. The purpose of estate planning and preparation is to minimize the cost and streamline the process of distributing assets to the beneficiary. Here are some of the more common reasons people create trusts in estate planning.