A trust fund is created by a grantor and managed by a trustee. The trust fund is a separate entity from the grantor. The trustee is a neutral third-party who manages the trust, including distributing any assets to the beneficiary. The trust can contain almost any asset, including a business, land, stocks, and cash. The trust agreement, created by the grantor, establishes what happens to assets within the trust. The agreement is carried out by the trustee. Trusts are complex and costly to set up and are usually done with the help of an attorney.