A visual guide to understanding the key roles and components of this powerful estate planning tool.
Also known as the Settlor or Trustor, this is you—the person who creates the trust and transfers assets into it. You maintain complete control while you are alive and well.
The manager of the trust. Initially, this is also you. You manage the assets for your own benefit. If you become incapacitated or pass away, the Successor Trustee takes over.
The person or people who benefit from the trust's assets. During your lifetime, you are the primary beneficiary. After your death, your chosen heirs become the beneficiaries.
This is the legal document that is the "rulebook" for your trust. It names the trustees and beneficiaries and states how your assets should be managed and distributed.
A trust only controls the assets it owns. Funding is the critical process of re-titling your assets (real estate, bank accounts, investments) in the name of the trust.
The "living" or "revocable" part means you can change it anytime. You can amend the terms, add or remove assets, change beneficiaries, or even cancel the entire trust.
You are in full control. You act as the Grantor, Trustee, and Beneficiary. You manage your assets as you always have, and the trust has no tax impact.
If you can no longer manage your affairs, your designated Successor Trustee seamlessly steps in. They manage the trust assets for your benefit, avoiding court-supervised conservatorship.
The Successor Trustee gathers assets, pays final bills, and distributes the remaining assets to your chosen beneficiaries according to your instructions, bypassing the time and expense of probate court.
Almost before we knew it, we had left the ground. All their equipment and instruments are alive.Mist enveloped the ship three hours out from port. The spectacle before us was indeed sublime.A red flair silhouetted the jagged edge of a wing.
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