A trust is a legal relationship in which one person (the Trustee) holds property for the benefit of another (the Beneficiary). The property can be any kind of real or personal property–money, real estate, stocks, bonds, business interests, and personal possessions. It is often established by one person for the benefit of himself or of another (e.g. a spouse or children). A trust can be established to take effect now or it can be established in a will to take effect after death.
Trusts are frequently utilized to ensure that children do not receive large sums of money from an estate at too early of an age. They can also be used to protect assets, including the assets of beneficiaries with special needs, and other important functions, so you should consult with an attorney to find out what type of trust, if any, can be of benefit to you.
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