Trusts are simply a measure of transferring property out of your estate. Trusts are of two main types: a living trust, which transfers property out of your estate while you are still alive, and a trust which is in connection with your will which comes into effect upon your death. You transfer property to a trust with a trustee or manager of the property. You can place restrictions on property held in trust, such as grandchildren cannot receive their share until they reach the age of majority.
Trusts are useful for many estate planning needs, including setting aside insurance proceeds for a spouse or other beneficiary as well as protecting inherited or other assets for disabled individuals.