Benefit Trustors With Example
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
The entity that sets up a trust is called a trustor. Also called a grantor or settlor, this individual hands over the fiduciary duty to another individual or firm.
For example, if you have minor children, you may choose to establish a trust and name it as the beneficiary of your life insurance policy. If you were to pass away, then the policy's death benefit would be paid to the trust.
A trustor is an entity that creates and opens a trust. Trustors can be individuals, married couples, and organizations. Trustors work with trustees to safeguard and distribute their assets, including money and property.
To leave property to your living trust, name your trust as beneficiary for that property, using the trustee's name and the name of the trust. For example: John Doe as trustee of the John Doe Living Trust, dated January 1, 20xx.
The grantor can opt to have the beneficiaries receive trust property directly without any restrictions. The trustee can write the beneficiary a check, give them cash, and transfer real estate by drawing up a new deed or selling the house and giving them the proceeds.