A trust is the third party involved in a trust. The creator of a trust creates the trust with trustees to eventually be given to the beneficiaries. A trustee can be a private individual, an individual member of an organization, or a legal entity. Trustees are responsible for the property involved in the trust once the trust is created, including all aspects of the financial management. They are the legal owners of the trust. Any problems or losses are made at the responsibility of the trustee. However, the timeframe for their ownership is regulated by the documentation of the trust specified by the creator.