A trust is a legal entity that holds and manages assets for the benefit of beneficiaries. Trusts exist as part of a comprehensive estate plan and are used to avoid or minimize estate taxes, take advantage of government programs for disabled individuals, establish distribution plans for children after divorce or death, and ensure assets are passed down according to current desires. Trusts can hold various types of property and are ideal for individuals with over $1 million in assets, disabled individuals, divorced or remarried clients, same-sex couples, and those with outdated estate plans.