The living person or charity who benefits from the trust but has no legal right to money or property in the trust is designated as a beneficiary. The person who creates the Trust decides how it works and determines which property or money to include is called Grantor (but can also be called Settlor or Trustor). The trust is managed by a director who is responsible for the management and investment of funds or real estate in the trust and its distribution to the beneficiary of the trust, in accordance with the donor`s instructions, which are used in a trust agreement in memory of the beneficiary. Grantor generally appoints a successor agent in the trust agreement who manages trust when the original agent becomes incapable of acting, has died or cannot serve otherwise. Often, even if this is not always the case, the LTR donor is both the original agent and the principal beneficiary. So you create the trust and you provide the funds or real estate for it, you manage, invest and control the property and money that belongs to the trust, and you distribute the trust funds as you see fit. While the donor is alive, the tax identification number of an LTR is the donor`s social security number and all income from the trust is taxed as the donor`s personal income. If circumstances change, as is often the case, you can change the LTR by modifying, restoring or revocing. As a general rule, a change in confidence can be made by adding a duly designed and executed change to the original confidence document. A change may be appropriate for minor changes or deletions, for example.
B for the replacement of a successor agent. If significant changes are needed, for example. B, the change in the beneficiaries of trust or if the position of trust has already been changed several times, a document called restatement of trust must be established. In this document, you can „rewrite“ or rewrite the entire initial trust agreement with all the necessary changes, instead of revoking the initial position of trust and creating assets and transferring them to a whole new position of trust. There are circumstances in which there is no need to change or redefine the situation, in which case you can withdraw your trust. A revocation may be warranted if a major change, such as a divorce or the death of a beneficiary, occurs and involves the complete dissolution of the trust and the transfer of the trust`s assets to itself or another trust. The law of most states provides that the amendments must be made in accordance with the instructions of the fiduciary document, or if there are no instructions, in a way that clearly demonstrates your intention to make the changes. If you change the z.B position of trust, you should create a written document signed by grantor and agent, with a title indicating that it is a specific change in confidence position that you are changing. The document should contain the name of the position of trust, the date and the name of the agent. It should also mention the part of the trust document that allows for changes and identify the part of the position of trust that is changed, deleted or added.
If there is more than one funder and the changes are made by less than all, donors who did not participate in the changes should be informed. Disclaimer: If the Trust has over-subsidies, which are spouses or national partners, and the fiduciary document does not otherwise provide for them, most states have special rules for changes: the trust is made up of an agreement or written statement that appoints an agent who manages and manages the grantor property. As long as you are a competent adult, you can set up an RLT. As a fellow or creator of the trust, you can designate each competent adult as your agent; Some people prefer to choose a bank or a trust company to take on this role.