Trust Strategies A trust can accomplish a wide variety of estate planning goals, depending on your needs and the type of trust you choose. Here are some basic trust terms and concepts. A trust is a legal arrangement under which one person or institution controls property given by another person for the benefit of a third party. The person giving the property is referred to as the grantor (or trustor), the person controlling the property is the trustee, and the person for whom the trust operates is the beneficiary. With some trusts, you can name yourself as the trustor, the trustee, and the beneficiary.