A trust is a document whereas you transfer your assets to be held by the trust and managed by a trustee. The trust can provide for income payments to you and continue to hold the assets for preservation. The trust can be revocable or irrevocable. If the trust is revocable, you can terminate it at any time during your life and transfer the assets back to you personally. An irrevocable trust does not allow you to take the assets back out of the trust and is often used for tax planning purposes.