Estate Planning, Probate & Elder Law Attorneys

» The Trust Name Game (Trust Terminology)

Trust terminology can be confusing, can't it? Let me take a moment to review some terms:

revocable trust: a trust that can be amended or revoked after its creation (usually by the person who creates it)

grantor: a person who creates or sets up a trust; also sometimes known as the "trustor"

declaration of trust: what a trust document (or instrument, if you prefer) is called if the grantor is also the trustee; if the grantor isn't also the trustee, the document is known as a...

trust agreement: this makes sense, doesn't it? The grantor and the trustee have an agreement about how the trust property is to be held, but if you are both the grantor and the trustee, it would be weird to agree with yourself, wouldn't it?

living trust: basically, the name given to any revocable trust of which the grantor is also (during his or her lifetime) the beneficiary; I think that, if a husband and wife each has a living trust, the trusts are also sometimes referred to as "loving trusts," but that term sort of makes me want to throw up

irrevocable trust: a trust that cannot be amended or revoked once it's executed; usually, for tax reasons, the grantor of such a trust is NOT the trustee

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