The creation of a trust can help you provide further privacy to your estate planning strategy and give you more flexibility and control. These can help your family also avoid the probate process which can be lengthy and confusing.
There are many different terms that come up in the process of creating a trust and one of the most common is trustor.
This person might also be referred to as the grantor. This term refers to the person who creates a trust. This can be a married couple, an organization, a corporation or a single person. Trustors will establish this tool as part of their overall estate plan but beneficiaries do not have to be related to the trustor although children and family members are the most common beneficiaries for trusts. Another term used to refer to the person in this role is settlor.
They will not only be the one who creates the trust but will also place the assets inside the trust, like stocks, money, or other investments. This is not where the power of a trust ends, however. Trusts can also be used to hold physical assets like personal property, jewelry, art, family heirlooms, homes and lands.
The term trustor is distinct from trustee since in some cases trustee might not be the same person who created the trust. The trustee, however, is responsible for managing and administering the trust per the terms created by the trustor.
Are you interested in creating a trust in Massachusetts? You can do so once you meet with an MA estate planning lawyer to discuss your individual goals.
