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.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.