Basic Trust Vocabulary

As individuals get older, they may become increasingly concerned with preparing their finances and property for distribution after their death. Despite common belief, constructing a trust agreement is not exclusively pertinent for older people.

If you have an estate that you wish to divide amongst beneficiaries, you should consult an attorney about how to create a living will and/or trust agreement. For more information and legal assistance, contact the Houston wills and trusts attorneys of Garg & Associates, P.C. Call 281-362-2865 today to schedule a consultation with a qualified lawyer.

Commonly Used Trust Terms

When trying to manage your finances and construct a trust agreement, it is important to be familiar with the legal vocabulary that will be used frequently, including:

  • Trustee – The person designated in the trust agreement to take possession of and manage assets in accordance with the provisions of the trust agreement.
  • Trust Agreement – The trust agreement is the document that creates the trust and sets out the provisions related to the trust. For instance, it designates the trustee, the beneficiaries, and the purposes of the trust. Additionally, it includes provisions designed to guide the trustee in fulfilling his or her duties.
  • Grantor – The person(s) who creates the trust agreement. In order for the grantor to create a valid trust, he or she must designate a trustee and a beneficiary, and transfer assets into the trust.
  • Beneficiary- The trust beneficiary is the person who receives the benefit of the assets in the trust.

As with all branches of law, dealing with legal matters regarding a trust agreement can be frustrating for individuals without legal experience.

Contact Us

If you need assistance with constructing a living will or trust agreement, the Houston wills and trusts attorneys of Garg & Associates, P.C. can help. Contact us today at 281-362-2865 to speak with a legal professional about your wants and needs.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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