All trusts require four basic elements – a grantor, a trustee, assets, and beneficiaries. First, someone must create the trust. This person is referred to as the grantor, trustor, or settler. Next, you must appoint someone (a person or a company) to be the trustee. The trustee is responsible for administering the trust and managing the trust assets. Once you have the trustee, you will need to designate assets to fund the trust. Although trust assets can be cash, they can also be real or personal property, a life insurance policy, or anything else that qualifies as an asset.
Topics covered in this report include:
- What Is a Trust?
- Trust Elements
- Testamentary vs. Inter-Vivos (Living)
- Revocable vs. Irrevocable
- Trusts and Probate
- Trusts and Taxes
- Trusts and Control
- Special Trusts
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