A trust creates a fiduciary relationship with respect to property. A person holding the property as a trustee is held by equitable duties to deal with the property for the benefit of another person. Such duties arise as a result of a manifestation of an intention to create the duties in a trust document. An individual creating a trust places assets into the trust to be under the management of the trustee on behalf of beneficiaries. The trust can instruct the trustee how to invest and disburse assets, and can provide unlimited duties and instructions. A revocable trust can be revoked by the individual creating it. Many times revocable trusts are referred to as living or family trusts and are key documents in a well drafted estate plans. Assets in a trust can avoid probate and can be immediately available for use upon the creator’s death. Irrevocable trusts cannot be revoked once created. Irrevocable trusts are less common than revocable trusts, but can provide significant asset protection in certain situations. A further type of trust is a special needs trust for situations where an individual wants to ensure a loved one with special needs will be provided for throughout their life. Your trust should be carefully drafted and discussed with your estate planning attorney.