A Trust is a legal agreement whereby one or more individuals manage property for the benefit of others. There are three major parties: (a) the Trustor (also known as the Settlor or Grantor); (b) the Trustee; and (c) the Beneficiary (or Beneficiaries).
Generally, a Trustor transfers property (monies, real property, etc) into a Trust. The Trust declares that a named Trustee shall manage the Trust property for a Beneficiary. A Trust can have more than one Beneficiary, Trustee or Trustor. Also, one individual can assume two or even three of the roles as Trustor, … (2 comments)
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Trusts ;)
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