Who are the parties in a Trust?
A Trust requires three parties; the creator or Trustor; the Trustee to hold the assets, and; the beneficiary to receive the assets. Note that the same person can wear all three hats. The power of the Trust is that when you die the successor trustee can come in and take over, and distribute the assets without the need of the probate court. It can make the total process much faster and less expensive.
Related Questions
- Will I be required to maintain a trust account to process funds through to pay third parties (referrers) and credit representatives or receive commissions from lenders on my aggregators Lending Panel?
- Why have the parties lost trust in each other in the Northern Ireland peace process?
- How many parties are required to enter into a Trust?
