Trusts are useful tools for estate planning, as well as asset protection.

There are many different types of trusts, and volumes of law that accompany each one. A one-pager couldn't possibly do the topic justice, but every trust has a few basic features:

Beneficiary: This is the person or persons named in the trust whom the trust is meant to benefit, usually in a monetary sense.

Trustee(s): Trustees manage and control trust property in accordance with their fiduciary duty to the beneficiaries. This means that they must act as a prudent investor would with the funds and property that enter the trust to maximize the distributions to the people named in the trust.

Trust Corpus or Property: A trust cannot exist without any property or money. The instrument exists as a way to hold property without holding it directly. In other words, you are giving another person your property to hold "in trust" for the benefit of yourself or another. The fact that the property has left your hands can have some interesting tax benefits if used correctly.

This is only the most basic overview of one the most complicated but useful tools in modern estate planning. 

But don't think that because trusts exist that you necessarily need one. Always consult a competent attorney to assist you in deciding which estate plan is right for you, and then to guide you through all the necessary transfers and document drafting.