The following table presents the important roles of a Trust:
| Concepts | |
|---|---|
| Grantor | Also known as a Trustor, Settlor or Donor, the Grantor is the person who transfers the Trust property to the Trust. Generally the grantor is also the owner of the property being transferred. A Grantor must be of sound mind, and have the legal capacity to sign the Trust agreement.
The Grantor also cannot default on payments for child support by more than 30 days. In addition, the Grantor does not have the power to terminate the Trust or have a right to any of the assets in the Trust. |
| Fiduciary | A generic term applied to anyone serving in a position of Trust, whether as executor,Trustee or Guardian, i.e., StateTrust and its affiliated companies. |
| Trustee | Basically, the Trustee is the person or company (such as a bank department) who is responsible for administering the terms of a Trust. A Trustee must have the legal capacity to accept the responsibilities of the Trust.
There are three kinds of Trustees:
|
| Executor | An Executor is in charge of administering terms of a Will. |
| Guardian | The Guardian is someone appointed to be responsible for a minor child and/or the property of the minor. Courts sometimes appoint guardians for people who have become incapacitated and unable to manage their properties. |
| Beneficiary | The grantor designates the beneficiary or beneficiaries who are to receive the properties in the Trust. Beneficiaries are often the children of the grantor, or other relatives. Charities can also be named as beneficiaries. |
* StateTrust does not provide fiduciary or trustee services, nor does it act as a fiduciary or trustee. StateTrust only serves as an intermediary in providing introductions to legal counsel and licensed trust companies that can provide fiduciary and trust services. Our services consist of managing the assets held in such trusts and legal entities.
The interaction between the different roles can be seen in the following image:
* StateTrust does not provide fiduciary or trustee services, nor does it act as a fiduciary or trustee. StateTrust only serves as an intermediary in providing introductions to legal counsel and licensed trust companies that can provide fiduciary and trust services. Our services consist of managing the assets held in such trusts and legal entities.
Trust Topics