Trusts in Depth

Trust Roles

A trust relationship generally includes:

• Grantor/Settlor: creates and funds the trust
• Trustee: manages trust assets
• Beneficiary: receives trust benefits under trust terms

Revocable vs Irrevocable

• Revocable trust: usually changeable during life; often used for management continuity and probate efficiency
• Irrevocable trust: typically not freely changeable; often used for asset protection or transfer-tax planning objectives

Funding Is the Critical Step

A trust only governs assets that are actually transferred into it or directed to it by beneficiary designations.

Unfunded trusts can leave intended outcomes unachieved.

Common Educational Use Cases

• Revocable trust for continuity and probate planning
• ILIT concepts for life insurance ownership separation
• Charitable trust concepts for philanthropic + tax integration

Educational note: trust drafting and implementation are legal services and should be handled by qualified counsel.