What are the key components of a trust?

The key components of a trust typically include a grantor, or the person who establishes the trust; a trustee, who manages and administers the trust assets in accordance with the grantor's wishes; and beneficiaries, who will ultimately benefit from the trust assets. Additionally, the trust document itself, which outlines the rules and instructions for managing the trust, is a crucial component. Other components may include trust assets, which are the property or assets placed in the trust, and terms specifying how the trust assets are to be distributed to the beneficiaries. Trusts are a common estate planning tool used to protect assets and provide for loved ones in the future.

This mind map was published on 30 November 2024 and has been viewed 50 times.