Settlor Trustee And Beneficiary Same Person
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FAQ
A person called the settlor (or trustor) creates the trust and puts the property in the trust. The settlor, trustee, and beneficiary can be different people. But, one single person could be the settlor, trustee and beneficiary.
In most cases, the settlor, trustee, and beneficiary are the same person (at least until that person dies or becomes incompetent). In other words, if you set up a Living Trust, you can be the settlor, the trustee and the beneficiary of the trust.
In estate planning, ?grantor? and ?settlor? mean the same thing. The settlor of a trust is the person who creates a trust. This includes funding the trust and making important decisions, like who should manage or benefit from the trust. This person is also sometimes referred to as a ?trustor.?
So can a trustee also be a beneficiary? The short answer is yes, but the trustee will have to be exceedingly careful to never engage in any actions that would constitute a breach of trust, including placing their personal interests above those of the other beneficiaries.