What is a Trustee?*

Note: The following article is part of our Complimentary Articles Series, designed to provide additional insights and detailed information on specific topics within estate planning.

Alongside this article, we suggest exploring our pillar articles for a comprehensive understanding of general estate planning issues.

• Should I Have a Trust?
• Why Gift Assets into a Trust During My Lifetime?
• When Should I Consider Getting a Trust?
• What is a Trustee?
• How Do I Remove a Trustee?
• Can I Have More Than One Trustee?

INTRODUCTION

A Trust is an essential legal tool in estate planning for the management and protection of assets. Although a Will is regarded as the foundation of any estate plan, there are several situations where a Trust may also be beneficial.

This article provides a quick definition of a Trustee and some other important related definitions. For context, we recommend you read our related articles on Trusts.

TRUST FUNDAMENTALS

• Trustee: The individual or entity in charge of overseeing the Trust's assets in accordance with the conditions established by the Settlor.

Other Key Terms Related to Trusts

• Trust: A Trust is a formal legal agreement in which a Grantor (or Settlor) assigns assets to the care of a Trustee. The Trustee then manages and distributes them to the Beneficiaries for their benefit.

• Settlor/Grantor: The person who establishes the Trust and places assets into it.

• Beneficiaries: These are the individuals or parties assigned to receive assets or income from the Trust.

Need to know more?

Interested in exploring how a Trust aligns with your estate planning objectives? Squiggle can provide some clarity and direction, helping you to tailor a plan that suits the unique circumstances of your loved ones.

Book a callback, and we'd be happy to arrange a no-cost, no-obligation discussion with you to lay out the options available.

Alternatively, call us on 01233 659 796.

Or reach out to us here.