Trust is a legal entity with a separate and distinct rights, like a person or corporation. In a trust, a party is known as trustor gives another party the trustee to hold the tittle to manage the property or assets for the benefit of a third party which is known as the beneficiary. In other words, trust is known as a fiduciary relationship between a trustor and trustee which is created by any settler with its lawyer. The settler will decide the method of transferring the assets whether it should be transferred fully or partially. The guidelines and rules for any trust depend upon the conditions and terms on which it was build. It helps to determine the method of distributing the money to a person during his life or after his death. In addition, it also helps in avoiding taxes, but it significantly takes time and money to create it. Trust can be one of the best ways to provide an underage beneficiary or someone with unsound mind. When the beneficiary of the trust can handle the assets, they shall inherit them according to the guidelines of the faith. Trusts are used to manage estate taxes, shelter assets from creditors and pass on wealth to future generations.