A trustor is the person who creates a trust. In this form, the trustor is giving up any rights he/she retained in the original trust agreement to revoke the trust. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Define Trustee For A Will
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How to fill out Release By Trustor Of Right To Revoke Trust?
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FAQ
A trustee is a person who takes responsibility for managing money or assets that have been set aside in a trust for the benefit of someone else. As a trustee, you must use the money or assets in the trust only for the beneficiary's benefit.
A good trustee possesses a combination of certain personal attributes, technical skills, and administrative capabilities: Personal attributes include sound judgment, empathy, integrity, impartiality, fairness, and confidentiality.
Sometimes people include trusts in their wills. For example, a parent may want shares held in a trust until the children reach a specific age. If the personal representative is required to hold property in trust, he or she then becomes a trustee until the property is distributed.
Trustees have a fiduciary relationship with the trust's beneficiaries i.e. they are liable for taking care of all the property in the name of trust kept for the beneficiary. The relationship is not necessarily formally or legally established but a trustee can be made liable for breaching the trust.
The people or entities who benefit from the trust are called beneficiaries. A trust is a legal entity in which a person or party who owns assets (also called a trustor) gives another party (the trustee) title to those assets or property for the benefit of a third party.
