An Education Trust is a trust fund established by parents to ensure that educational costs are provided for their children. The trust document designates a trustee to manage trust property for the benefit of trust beneficiaries, the children. Normally trust property will be savings into the trust by the parents. Deposits to the trust do not incur gift tax liability. The Education Trust protects the property by allowing the trustee to manage property in lieu of having children being responsible for funds meant for their college education.