A trust is a legal arrangement through which one person, called a “settlor” or “grantor”, gives assets to another person or institution, called a “trustee.” The trustee holds legal title to the assets for another person or institution, called a “beneficiary”. The rights of a trust beneficiary depend on the type of trust and the type of beneficiary.
While it may feel like it at times, trust beneficiaries are not at the absolute mercy of the trustee. Depending on the type of trust, trust beneficiaries may have rights to information about the trust as well as the right to ensure the trust is properly managed. Continue Reading →