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Description maintenance in short form
A trust is a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party (the beneficiary). An inter vivos trust is a trust that becomes effective during the lifetime of the settlor. A settlor is the person who creates a trust by a written trust declaration, and may transfer initial assets into the trust. A settlor is also referred to as a trustor, grantor, or a donor. A testamentary trust is created by a will to manage assets given to beneficiaries.
The following form is a clause for a trust that can be used in either an inter vivos trust or a testamentary 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.
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