Trusts:  A trust is a tool used to transfer legal ownership of property from the owner (the “trustor”) to a person or institution (the “trustee”) so that it may be managed for the benefit of a third party (the “beneficiary”).  Trusts are an important part of estate planning.  Trusts may be used as a replacement for or a supplement to wills.  The trustee is legally obligated to act in the best interest of the beneficiary when dealing with trust property.