A trust is an entity separate from you. Think of it as a box that you put assets in for later distribution. It is a legal entity that allows you to separate ownership from yourself, similar to putting assets inside a corporation. There are many different kinds of trusts that are used for various purposes. One of the most common is a testamentary trust that allows you to continue to exercise control over your assets beyond death. Another is a living trust, which is revocable (you can change it after setting it up) and used to keep assets private during probate. If a trust is revocable, the value is included in the calculation of your estate.