Trusts are like hamburgers - there are 1000s of varieties.
Basically when another person or company holds assets belonging to another under a particular direction given by the person who owned the assets, that is a trust.
There can be many reasons to put property into trust - many people do it to avoid the probate process if they die. People do it to control assets for young people. There can be tax reasons for trusts. If you have an IRA or a 401k you are involved in a trust.
You probably should start by doing some research on the internet about the reasons you might do a trust. Once you've narrowed down the areas then you can followup with a more particularized question.
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