In generic, estate planning terms a trust is an arrangement made where property is transferred from a person to be managed by someone else. The person creating the trust is called the settlor and the person who is in charge of the trust is called the trustee. Trustees oversee the trust and its distribution to beneficiaries. There are many types of trusts used in estate planning, the majority of which are designed to help offset taxes charged to the estate. Some trusts are set up to protect the interests of minor children or people who are not competent to handle their own financial affairs. Estate planners and financial planners are usually necessary to set up trusts.