trustee
The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.
What do you call the person in charge of a trust?
Leaving Property With Trusts A trust is an arrangement in which one person, called the trustee, controls property for the benefit of another person, called the beneficiary. The person who creates the trust is called the settlor, grantor, or trustor.
What is the difference between trustee and trustor?
The trustor/grantor/settlor is the person who creates the trust. The trustee is the person who manages the assets in the trust.
Who is the best person to manage a trust?
A corporate trustee such as a bank trust department, a lawyer, or a financial adviser will typically know more about trust management, investments, and taxes than a family member, so a pro can be a good choice if you have a large trust or complex assets in it.
Who is the person who holds the assets in a trust?
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor. Different kinds of assets can be put in trust, including: Trusts are set up for a number of reasons, including:
Who is the beneficiary of a trust account?
The trustee holds legal title to the assets for another person, called a “beneficiary.” The rights of a trust beneficiary depend on the type of trust and the type of beneficiary.
Can a settlor be a trustee and beneficiary?
There is no requirement that the settlor, trustees and beneficiaries be different. In fact, an individual can be all three in the same trust. However, there can be adverse tax consequences if the settlor is a trustee or beneficiary — we’ll discuss this later in the bulletin. Types of trusts
Is the trustee of a trust a person?
As the name suggests, it is a contract of faith / trust which the settlor reposes in the trustee for the benefit of the beneficiary. Trust is not a person. However many times, trust is referred to as a person – not only in general parlance but also under some laws.
