A trust is a separate legal entity, but unlike a corporation it cannot hold title to your assets. For that reason, a Trustee is appointed and your property is transferred to the Trustee who holds title until the assets pass to your beneficiaries.
There are a variety of trusts, including revocable trusts and irrevocable trusts. Some trusts avoid probate costs and procedures, and others defer taxes or hold assets that are not yet in existence, such as the proceeds of a life insurance policy. If your estate is large enough that you will benefit from one or more trusts, the types of trusts that may benefit you and your estate are discussed in an estate planning conference.
To learn more about what options may be best for your particular situation, contact me today.