A trustee is responsible for managing and administering the trust in accordance with the trust document. This includes making decisions about investments, distributions to beneficiaries, and overall compliance with the trust's terms.

Common types of trusts include revocable living trusts, irrevocable trusts, charitable trusts, special needs trusts, testamentary trusts, and various others. The type of trust chosen depends on the settlor's goals and the nature of the assets.

People create trusts for various reasons, including asset management, probate avoidance, tax planning, providing for family members, philanthropy, and protecting assets for future generations.

While both trusts and wills are estate planning tools, trusts can provide certain advantages such as probate avoidance, privacy, and potential tax benefits. Wills go through probate and become public records.

The tax implications of a trust depend on its type and the jurisdiction. Some trusts may offer tax advantages, while others may have tax obligations. It's important to consult with tax professionals to understand the specific tax implications.

The flexibility of changing or revoking a trust depends on whether it is revocable or irrevocable. A revocable living trust can typically be altered or revoked by the settlor, while an irrevocable trust is generally more permanent.

Creating a trust involves defining objectives, selecting trustees and beneficiaries, consulting legal and financial professionals, drafting a trust document, executing the document, transferring assets to the trust, and ensuring ongoing compliance.