ALPS

Question 1

Trust

Answer 1

Completed transfer of ownership of property by the owner (grantor) to another (trustee) immediate or eventual benefit of of a third party.

Question 2

Grantor

Answer 2

Creates the trust and transfers the property which he owns into the trust. Appoints the trustee and all successors and determines the beneficiaries

Question 3

Trustee

Answer 3

Legal representative and controller of the trust assets. Sometimes the Grantor is the Trustee, sometimes the Trustee is another person. Trustee is a fiduciary duty to the beneficiary and should use a higher standard of care than the average person with managing the assets of the trust.

Question 4

Beneficiary

Answer 4

Party designated to receive the benefits accruing from the trust property. Beneficiaries do not get added to the account.