|A Trust is a legal contract that allows a client to transfer assets to a trust administered by a third party the “Trustee”.|
|Individual or legal entity responsible for administering the terms of the “Trust”.|
|Grantor or “Trustor” is the person who transfers the trust property to the “Trust”.|
|Often, the initial beneficiary is the grantor, but at the time of his or her death, than grantor’s children or other relatives become beneficiaries.|
A Trust is a legal contract that allows a client (the “Grantor” or “Settlor”) to transfer assets that are then managed by a third party (a “Trustee”).
The Trust holds the client’s assets for and on behalf of his or her beneficiaries, under the rules and conditions stipulated by the client (The Purpose or Intent of the Trust). The Trustee is responsible for managing, administering and disbursing of the Trust’s assets and proceeds to pay out income or principal to the beneficiaries.
A Trust is an important component of a client’s overall estate plan since it works to protect assets and can help provide for a client’s family’s future.
The Trust service ensures that a client’s wealth is transferred to the heirs effectively, privately, and according to the terms and conditions previously specified.
The Benefits of a Trust are:
* These services offered through affiliates of the Bank specialized in these areas.