Archives for trusts

Do I Need a Trust?

I like the simple way my colleague Joy Rosenthal, an attorney mediator in New York City, describes a trust:

A trust is a simple concept – imagine a pot of money. The person who puts the money into the pot is called the grantor. The person who is in charge of distributing the money is called the trustee. And the person who will actually receive the money is called the beneficiary. Once you have these three elements, you have a trust. Notice that the money in the pot is separated from that of either the grantor or the trustee. However, the grantor can be (and often is) the trustee.

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