Trust

The arrangement creating the legal ownership of assets by a trusteeThe person or company named in a trust to manage property and assets of a trust. Usually a trust will name an initial trustee or co-trustees and successor trustees. A trustee has the duty to act in the best interest of the person for whom they are managing the funds and is considered a Fiduciary. Most people that set up Revocable Trusts to avoid probate, name themselves as Trustee and also name successor trustees to take over upon death or upon incapacity. for the benefit of the SettlorThe person or persons who create a trust. This person is often also called a Grantor. and/or other beneficiaries.