Personal Trusts
Trusts are a useful tool to manage wealth. A trust can be created to transfer assets to your children, fund charitable works, or provide for adults with diminished abilities to care for themselves.
When creating a trust, you'll encounter the following common terms:
- Trustee - the individual or an institution who will administer the trust when you are gone or unable to manage it on your own.
- Beneficiary(ies) - the individual or institution who will benefit from the trust.
- Creator, trustor, grantor, donor - the individual who has created the trust.
Your financial advisor can provide more information about how a trust might fit into your retirement planning.
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