A trust is a fudiciary relationship in which one party known as a "Trustor" or "Grantor", gives another party "The Trustee", the right to hold on to property or assets for the benefit of a third party "The Beneficiary". Trusts are established to provide legal proptection for the "Grantor/Trustor" and to save time, reduce paperwork and in some cases, avoid or reduce inheritance or estate taxes by avoiding probate.

Trusts are similar to a corporation, limited liability company or non-profit where they can have a EIN (employer identification number) for banking purposes or be 100% private with no EIN which can be solely to hold assets. It is a contractual agreement between two parties (also known as a "Convention") which is not registered with the goverment. This is how it remains anonymous. It is similar to a safe that holds assets.