Trusts Terms and Definitions

Trusts have evolved over time and have their own language. Here are some of the more common terms you need to know.

Trusts Definition

My definition reads like this: “A Trust is a contract between the grantor and trustee where the grantor transfers title of assets to the trustee and the trustee manages the assets for the benefit of the beneficiaries according to the terms of the Trust document (contract).”

Advantages of a Trust

Types of Trusts

Revocable Living Trust : This is a trust you setup during your lifetime and can be revoked at any time.