A trust is a legal contract made by a person called the trustor, (sometimes called grantor or settlor) appointing a person or company to manage assets for the benefit of another person. The person managing the assets is called the trustee and then the person entitled to receive the assets is called the beneficiary. Usually, a person or married couple will serve in all three roles in their trust. They will make a trust (trustor) and manage it (trustee) for their own benefit (beneficiary). What is a Trust?