Who are the grantor, trustee, and beneficiary?

The grantor creates the trust. The trustee manages trust property under the document. A beneficiary may receive or benefit from trust property. In a revocable living trust, one person often fills all three roles during life.

General information

• A successor trustee acts when the current trustee can no longer serve.
• A trustee has fiduciary duties.
• Roles may change after death or incapacity.

Service steps to consider

1. Possible resource or approach: full legal names.
2. Considering whether to name backups for key roles.
3. Discussing the job with the people the person names.

Quick check

• Is the asset in the trust's name?
• Did the bank or county record the change?
• Did I save proof?

How Complete Wills can help

Complete Wills' trust-based package includes a revocable living trust, schedule of assets, certification of trust, pour-over will, power of attorney, health-care directive, and HIPAA authorization. The service can prepare documents from customer answers. But the customer remains responsible for signing and for properly funding the trust. Customer support can explain website features and questionnaire fields, but it cannot choose documents, people, distributions, or legal terms, interpret a completed document, or explain how the law applies to a person's facts. Only a separately engaged licensed attorney may provide legal advice within the attorney's engagement.

Important limits

• A trust controls only property legally connected to it. A schedule alone may not change title.
• Get legal, tax, or financial advice before transferring retirement accounts, business interests, mortgaged property, foreign property, or assets with transfer restrictions. This article gives general information only. A licensed attorney can explain how state law applies to a specific estate plan or document.