Who is included in a living trust?
• The name of the person creating the trust (the “trustor” or “grantor”). If it’s your trust, that’s you. The name of the person who will manage the trust (the “trustee”). Again, if it’s your trust, this is you. The name of the person who will take over as trustee and distribute property in the trust when the trustor dies or becomes incompetent (the “successor trustee”). This will usually be your spouse, child or close friend. The names of the people who will receive the property in the trust (your beneficiaries, just as with a will). The name of a person to manage any property left to minor beneficiaries.
• The name of the person creating the trust (the “trustor”). If it’s your trust, that’s you. The name of the person who will manage the trust (the “trustee”). Again, if it’s your trust, this is you. The name of the person who will take over as trustee and distribute property in the trust when the trustor dies or becomes incompetent (the “successor trustee”). This will usually be your spouse, child or close friend. The names of the people who will receive the property in the trust (your “beneficiaries,” just as with a will). The name of a person to manage any property left to minor beneficiaries.
