It is a fiduciary relationship between a Grantor (the client) the Settlor (the Trustees) and the Receiver (Trust Beneficiaries). 

Upon entering into a trust deed with the trustee, the Grantor transfers the title of his assets (i.e. cash, real estate, bond, etc) into his Trust and appoint trustee who will manage his/her asset according to the trust deed for the benefit to the Beneficiary of the trust.