A trust is a legal entity created by a trustor to hold, manage, and disburse property for the benefit of designated beneficiaries.  The powers of a trust include the power to make and perform contracts.  The trustor designates a trustee (e.g. an individual or the trust department of a financial institution) to administer the trust according to the trustor's instructions.  A trust may be established during one's lifetime (an "inter vivos trust") or through a will, to take effect upon death of the trustor (a "testamentary trust").  An inter vivos trust may be revocable or irrevocable.  If revocable, the trustor may discontinue the inter vivos trust and recapture the assets from the trustee.  A testamentary trust may be eliminated by a new will or a codicil to an existing will.  In the case of an inter vivos trust, the trustor may designate herself as the trustee and as the beneficiary.  

     In this case, Francis Giblin, as trustor, created a revocable inter vivos trust into which she transferred her shares of stock in the holding company.  She appointed herself and another person as co-trustees of the trust and named herself as exclusive beneficiary of the trust.  After she was later declared incompetent, others replaced her as co-trustee of the trust. 

     The nature and powers of trusts, the duties of trustees, and the functions of trusts, including estate planning and tax saving functions of trusts, are generally considered in upper division courses and we do not consider them in these materials.