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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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