| Alan R. Horvath, Attorney at Law |
| Trust Roles |
Settlor or Trustor - Is the person who establishes and funds the trust.
Beneficiaries - Are the people or organizations who will benefit from the trust. Beneficiaries may all share in the
trust distributions concurrently, or some may benefit only on the death of others. For example, if you leave funds to
your wife for her use during her lifetime, and then to be distributed to your favorite niece, both your wife and your
niece are beneficiaries, but your niece receives nothing until the death of your wife. The trust may specify standards
as you see fit for limiting the distributions to interim beneficiaries.
Trustee - Is the individual or individuals who have ownership of the trust assets and whose actions are directed
by the trust document in providing for the beneficiaries. A trust can designate multiple trustees who may operate
together or in succession. Therefore, a trust survives the death of a trustee. If the document specifies a successor,
that individual becomes the trustee on the death of the prior trustee. If no trustee is specified, the court will appoint
one.
Multiple Roles - The same person can be settlor, trustee, and beneficiary as long as there are also additional
beneficiaries.
Beneficiaries - Are the people or organizations who will benefit from the trust. Beneficiaries may all share in the
trust distributions concurrently, or some may benefit only on the death of others. For example, if you leave funds to
your wife for her use during her lifetime, and then to be distributed to your favorite niece, both your wife and your
niece are beneficiaries, but your niece receives nothing until the death of your wife. The trust may specify standards
as you see fit for limiting the distributions to interim beneficiaries.
Trustee - Is the individual or individuals who have ownership of the trust assets and whose actions are directed
by the trust document in providing for the beneficiaries. A trust can designate multiple trustees who may operate
together or in succession. Therefore, a trust survives the death of a trustee. If the document specifies a successor,
that individual becomes the trustee on the death of the prior trustee. If no trustee is specified, the court will appoint
one.
Multiple Roles - The same person can be settlor, trustee, and beneficiary as long as there are also additional
beneficiaries.
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P.O. Box 81
37 Main St., Suite 202
San Andreas, CA 95249
37 Main St., Suite 202
San Andreas, CA 95249
| Phone: 209 754-5291 Fax: 209 754-5293 |
| ahorvathlaw@sbcglobal.net |
| Estate Planning By Phone for Any California Resident |