A trust is a legal entity, like a small corporation. It holds assets, such as cash or property, that are intended to provide benefit to an individual, group or organization. Trusts generally involve the following three members:
Grantor: This is the person(s) who established the trust and puts the money, stock, private business or other property into the trust.
Beneficiary: This is the person(s), group or organization that is intended to benefit from the trust. They do not own the trust property, but have the right to receive the benefit of the property as the trust allows. For example, a grandchild can receive distributions to pay for college.
Trustee: The trustee is responsible for managing the property owned by the trust. Think of trustees as the corporate officers. A trustee can be an individual or an organization, such as a bank or a law firm.
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