A trust is an arrangement involving three parties. A trustor is someone who transfers assets into a trust. A trustee manages the assets in the trust, and a beneficiary, who is entitled to the use or enjoyment of the trust’s assets. Assets can be thought of as a bundle of rights. Some of the rights associated with the asset are what we call legal rights, such as the right to sell something, or borrow against it. Some of the rights are called equitable rights, or the right to use something. It might be helpful in conceptualizing what a trust is to realize that the trustee holds the legal aspects while the beneficiaries have the right to use the assets.