| The only difference between dying and living is that | | | | that provide the terms and condition of the Trusts. |
| when one is alive you tend to do things one at a | | | | The Trust agreement or declaration of Trust either |
| time but when the time comes for you to die you | | | | of an individual or married couples includes the |
| do things all at one time. So the best thing is for you | | | | statement of the intention of the Trust. Also included |
| to take care of everything while well and in good | | | | are the names of the Trust creator's family members |
| health. One of the concerns when someone dies is | | | | or any person that the Trust creator may want to |
| the division of assets by the surviving dependents | | | | add. Likewise, the names of the initial Trustee or |
| and beneficiaries. The division alone of assets can | | | | Trustees are included in the Trust. Their functions are |
| cause great family problems and so to prevent such | | | | also stated together with the circumstances in which |
| from happening a Trust have to be created. A Trust | | | | a Trustee may be change. Some of the cited |
| is a well recognized type of legal entity which is used | | | | reasons why a Trustee can be change are due to |
| to hold legal titles of properties for the benefit of | | | | the unwillingness of a Trustee to do his function or in |
| one or more persons. The person who makes the | | | | the event of illness, death and any other reason. |
| Trust is called the Trust Creator or Grantor and the | | | | And also stated in the Trust is the extent of powers |
| person or the institution holding the Trust is called the | | | | or authority a Trustee should have when it comes to |
| Trustee. The property that is transferred or included | | | | investment as well as management and the terms in |
| in the Trust is termed as the Trust Estate. Likewise, | | | | releasing money to the beneficiaries. Furthermore, the |
| the recipients of the Trust are called the beneficiaries. | | | | Trust also includes the determination of the eligible |
| The Trust Estate includes all the property as well as | | | | beneficiaries however spouses are typical |
| the rights and obligations that are transferred to the | | | | beneficiaries in a living Trust. The Trust also site who |
| Trust. The Trust Estate is administered in agreement | | | | are to receive distribution of the Trust Estate upon |
| to the terms and conditions of the document | | | | the death of the grantor and the Trust also specifies |
| creating the Trust. The Trust agreement or the | | | | when beneficiaries are going to be entitled to receive |
| declaration of Trust refers to the written documents | | | | the distribution of the Trust Estate. |