The term “trust” is used in many contexts and can be used to carry out many types of objectives in estate planning and property ownership.

A trust is an entity created and governed under the state law. A trust involves the creation of a fiduciary relationship between a grantor, a trustee, and a beneficiary for a stated purpose.

The grantor (also known as trustor, settlor, or creator) is the creator of the trust relationship and is generally the owner of the assets initially contributed to the trust. The grantor generally establishes the terms and provisions of the trust relationship between the grantor, the trustee, and the beneficiary in the trust instrument.

The trustee administers the trust on behalf of the beneficiaries according to the trust agreement. A trustee is a fiduciary charged with the duty to act for the benefit of the beneficiaries.

The beneficiaries are those who receive benefits from the trust.

"Grantor trust" is a term used to describe a trust over which the grantor or other owner retains the power to control or direct the trust's income or assets.

An irrevocable trust is a trust, which, by its terms, cannot be modified, amended, or revoked.

A revocable trust may be revoked.

A testamentary trust is created by a will.

A person creates an Inter Vivos trust during their lifetime, it can be established as revocable or irrevocable.