A settlor is the party that makes a trust and appoints a trustee who is in charge of managing the trust assets on behalf of the beneficiaries. The beneficiaries are the ones who receive the benefit of the trust. The trust instrument sets forth the trustee’s powers and gives the trustee instructions on how to distribute assets to the beneficiaries after the settlor’s death. Under some conditions, the same person can act as the settlor, trustee and trustee under the trust.
The decision to make a trust should be discussed with an experienced Miami probate and estate attorney. If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.