A trust is a legal entity (a holding device), effective either during lifetime (an intervivos or living trust) or at death (a testamentary trust), which transfers property to someone (called the Trustee) for the benefit of a person or persons designated as beneficiary in the trust instrument. There are many different trusts.
Living trust without tax planning:
A living trust is a trust established during your lifetime, rather than at death. Much like a comprehensive will, a properly drafted living trust can provide creditor protection for a beneficiary’s inheritance and in addition, avoids probate if properly funded during the grantor’s lifetime. You can be the trustee of your trust and have full control over trust assets during your lifetime. However, if you become mentally incompetent, a successor trustee (usually your spouse) takes over and manages your trust estate with the same power and authority that you had.