A Trust is essentially a contract. There are typically three “parties” to this contract. There is the Grantor, or giver. This is the person that puts money into the Trust. There is the Trustee. This is the person who manages the assets in the Trust. There is also a Beneficiary. This is the person who receives distributions from the Trustee, in accordance with the Terms of the Trust. Trusts can be Revocable or Irrevocable.