A trust is a legal entity that holds assets that are managed for the benefit of the beneficiaries. Not all families will need trusts, but many do. There are many different kinds of trusts, including living trusts, irrevocable trusts, charitable trusts, special needs trusts and even pet trusts. Once a trust is established, its operation must be overseen by a trustee. Trust administration requires careful attention to detail, and a qualified trustee must have comprehensive knowledge of the law or have access to an attorney to aid in trust administration.