Although different trusts may be created to serve different purposes, trusts generally have several core components:
- Grantor: the person or entity who creates the trust.
- Beneficiaries: the individuals or entities who will receive benefits from the trust, beneficiaries sometimes include the grantor and sometimes other parties.
- Trust Assets: the property transferred into the trust, usually by the grantor.
- Trustee: the person or entity who manages the trust assets and makes distributions to the beneficiaries in accordance with the terms of the trust. Choosing the right trustee is important.
Please note: This page offers general legal information, not but not legal advice tailored for your specific legal situation. Rocket Lawyer Incorporated isn't a law firm or a substitute for one. For further information on this topic, you can Ask a Legal Pro.
