There can be some confusion regarding the different terminology associated with Trusts. Attorney Allyson S. Heller sits down to discuss the most important Trust terms.
Trustor, sometimes referred to as the Settler or Grantor., A Trustor is the person or in the case of a married couple the persons who create and execute a living trust. During the trustor’s lifetime, the trustor generally retains the exclusive right to amend and/or revoke the trust. The trustor can also designate successor trustees who take control of the trust assets upon a trustor’s inability to serve.
The trustee is the individual with the legal authority to manage the Trust assets. You can have a single trustee or you can have multiple trustees. In most cases, the Trustor is also the initial trustee of the Trust.
Beneficiary is the individual or individuals who receive the use and enjoyment of trust assets. Quite often the trustor or trustors could be the primary beneficiaries of the trust during their joint lifetimes. The trustors also can name additional individuals or organizations that would receive the trust assets upon their deaths.
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