10/02/2026
A trust is not simply a document that holds your assets. It establishes a legal structure in which different people can have different roles and responsibilities.
Here’s how the basic structure works:
GRANTOR
Also called the settlor or trustor, the grantor is the person who creates the trust and transfers assets into it.
TRUSTEE
The trustee is responsible for managing and administering the trust according to its terms. The trustee may have fiduciary duties, including duties related to managing trust property and acting in accordance with the trust’s terms and applicable law.
BENEFICIARIES
Beneficiaries are the people or organizations designated to receive benefits from the trust according to its terms.
But who actually has control?
That depends on the type of trust and how it is structured.
For example, with a revocable living trust, the person who creates the trust may also serve as the trustee and retain significant control over the trust assets during their lifetime.
Other trust structures can place management and decision-making responsibilities with another trustee and may provide beneficiaries with different rights.
The details matter. The trust document determines how assets are managed, who has authority, when beneficiaries may receive distributions, and what happens if the person who created the trust becomes incapacitated or passes away.
A properly structured estate plan can help provide clarity about your assets, your wishes, and the people responsible for carrying them out.
Trust and estate planning is not one-size-fits-all. The right structure depends on your assets, goals, family circumstances, and applicable law.
If you’re considering creating a trust or reviewing an existing estate plan, speak with an estate planning attorney about your specific situation.