Planning
Guide to the Different Types of Trusts
A Trust is a legal document prepared by an attorney that allows you to specify how, when, and to whom your assets will be distributed. Your Trust document should be stored in a safe, secure place accessible by your successor trustee.
The parties to a Trust include:
- Grantor – one or more individuals who create a Trust by transferring ownership of their assets to the Trust (also known as a settlor, trustor, creator, or donor)
- Trustee – one or more individuals or a professional fiduciary responsible for managing the assets in the Trust according to the terms of the Trust document on behalf of the beneficiaries
- Beneficiary – one or more individuals or entities designated to receive assets according to the terms of the Trust document
- Successor trustee – one or more individuals or a professional fiduciary who will take on the role and responsibility of trusteeship upon the resignation, incapacity, or death of the original trustee