A "trust" describes a fiduciary relationship in which a person or institution, called a trustee, holds title to property for the benefit of another person, called the beneficiary. There are generally two types of trusts in the estate planning context: (1) "living trust (inter-vivos)", which is a trust that is in effect during the trustor's lifetime, and (2) "testamentary trust", which is a trust that is created through the will of a deceased person. The agreement that establishes the trust contains the terms of the trust and sets forth the powers and duties of the trustee. As a general rule, the trustee is charged with managing trust property and, unless specifically limited, can sell, mortgage, or lease that property as he or she deems fit.