There are many options available to you when creating your estate plan in Tennessee. One of those options is a trust. While there are a variety of types of trusts, regardless of which type you have, the process will always involve three parties. You should understand the roles of all three parties so you can ensure you make the right choices to fill the roles.
The Street explains the first party to the trust is you as the trustor. It is your duty to establish the trust. You decide the perimeters based on the type of trust you want to create. You also choose the two other parties to the trust.
The next role is the beneficiaries. You may have one or more than one beneficiary. This is the person or people who receive whatever assets you put in the trust. Typically, you will choose loved ones to fill this role. Although, a beneficiary may also be a charity, business or anyone or entity that you would like to receive the trust assets.
The last party is the trustee. This is the person to whom you place the responsibility of managing the trust. This person will take care of the assets and when it is time as you dictate in the trust, that the assets go to the beneficiary or beneficiaries.
Essentially, each party plays an important role. The trustor creates the trust and appoints a trustee to manage the trust until the time when the trustee gives the trust assets to the beneficiary or beneficiaries. This information is for education and is not legal advice.