Many individuals who have estate planning documents in place are familiar with a testamentary will and related documents, such as a power of attorney and advanced medical directive. However, estate planning and other financial planning documents can extend far beyond those parameters. One such legal tool available to those interested in them are trusts. Trusts offer a legal way for an individual, known as a grantor, to place property into a separate entity, which will be held for the benefit of a third party, also known as a beneficiary. Any type of property can be placed in a trust, and when it is, the property is considered to be owned by the trust. Trusts can be as simple or complex as the trustee wishes, and can achieve a variety of goals.