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Trustee vs. Beneficiary Rights and Responsibilities A trust is a legal arrangement in which one person, called a grantor , transfers the management of assets to someone else. That someone else is ...
In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die. In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies).
A trust is an arrangement in which a grantor entitles a trustee to distribute their assets to a beneficiary. The grantor and the trustee are often the same person, especially in the case of a ...
It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role. For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries. [4]
In trust law the term "doctrine of merger" refers to the fusing of legal and equitable title in the event the same person becomes both the sole trustee and the sole beneficiary of a trust. In such a case, the trust is sometimes deemed to have terminated (with the result that the beneficiary owns the trust property outright). [1]
Grantor (the trust creator) can be a trustee: The grantor can act as a trustee during their lifetime, and is not forced to relinquish control of the assets placed in the trust. Cons
the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that ...
Lastly, the grantor may give the trustee the power to decide what the beneficiary acquires from the trust and when. If the beneficiary is young or struggles with money management , often times, a ...
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