Trusts 101
Glossary Of Terms Used With Respect To Trusts
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Beneficiary: The person who receives benefits from the trust. The beneficiary can receive income, part of the assets, or both.
Grantor: The person who sets up the trust.
Inter Vivos: Lawyer speak for “living” – as in a Revocable Living Trust.
Irrevocable: The trust cannot be amended or revoked.
Revocable: The trust can be amended or revoked by the Grantor.
Trustee: The person who manages the assets in the trust and follows the instructions.
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