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Trust Glossary

Living Trust - A Revocable trust permitting grantor to be both trustee and beneficiary while alive. Grantor maintains control of the assets and receives all income and benefits. At death, a designated successor trustee distributes remaining assets according to terms of the trust, thereby avoiding the probate associated with a will. Should grantor become incapacitated during the term of the trust, designated successor or co-trustee can take over management.

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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