A trust is a document created by a grantor that holds assets and appoints a trustee to manage those assets for the benefit of the intended beneficiaries. Here are a few tips to help you read and understand a trust document:
· Identify all the parties. Who is grantor? The person creating the trust. Who are the beneficiaries? Those who receive the assets and/or income from the establishment of the trust. Who is the trustee? The person (or corporate fiduciary) who manages the assets and distributes them according to the terms of the trust.
For assistance in reviewing or creating trust documents in the Greater Baltimore area, please contact Stouffer Legal at 443-470-3599.