WHO ARE THE PARTIES TO THE TRUST?
The parties to a trust are, the settlor(s), which is(are) the person(s) who creates the trust, the trustee(s), which is(are) the person(s) who manages the trust, and the beneficiaries, who benefit from the trust income and assets. In living trusts created by us, the settlor(s), the trustee(s) and initial beneficiaries are always the same unless you specifically request otherwise.
• The creator of the trust, often referred to as the trustor or settlor • The manager of the trust, referred to as the trustee • The beneficiary of the trust All three positions can be held by the same person or by the same couple: you and your spouse can both be the creators, the managers, and the beneficiaries of your own trust. If you are single, you alone can be the creator, the manager, and the beneficiary of your own trust.
The parties to a Trust are, the Grantor(s)/Settlor(s), which is(are) the person(s) who creates the Trust, the Trustee(s), which is(are) the person(s) who manages the Trust, and the beneficiaries, who benefit from the Trust income and assets. In most Living Trusts, the Grantor(s)/Settlor(s), the Trustee(s) and initial beneficiaries are always the same unless you specifically request otherwise.
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?
