Trust: A trust is an arrangement where a grantor transfers a right of property or funds to a trustee to be held and used for the benefit of a beneficiary.

The individual who creates the trust is the grantor. The individual who manages the trust is the trustee and the individual who benefits from the trust is the beneficiary.
A trust can be established by a written document, for example, a will. A trust can be revocable or irrevocable. An irrevocable trust cannot be revoked by the grantor whereas a revocable trust can be revoked by the grantor.

Example

Linda Smith has written a will which establishes a revocable trust. Linda Smith is the grantor of the trust. The trust was set up to transfer a right of funds to a trustee to be held and used for the benefit of a beneficiary. A case worker creates a Trust record for Linda Smith detailing the value of the trust.