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What Is A Trust? A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. When our clients create trust, they are creating an asset that utilizes its resources to protect their loved ones’ financial interests. There are three things that every trust must have to be valid. They include: A person to create the trust may also be referred to as a grantor, trustor, settlor, or maker. The party the grantor names in the trust to care for and manage the trust property is referred to as the trustee. The party for whose benefit the trust was created, is also referred to as the beneficiary or beneficiaries. There are many types of trusts, which can be used for unique purposes, depending on the grantor’s wishes. The major distinction between trusts is whether they are revocable or irrevocable.