Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

What is a trust? What are the different types of trusts?
From a more technical point of view, a trust is a legal relationship between 3 parties: Trusts can take many forms. People setup trusts to ensure that property is used in a specific way. Owning a home with a spouse is a form of a trust. A pension plan is a trust. Protecting land from development often involves placing it in trust. Wealthy people use trusts for estate planning for a variety of reasons. There's no "better" or "best" trust on a general level... it all depends on the situation that you are in and the desired outcome that you are looking for.