The number of people involved in a trust can vary depending on the structure and purpose of the trust. Here are the key roles typically involved:
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Grantor (or Settlor): The person who creates the trust and transfers assets into it. There can be one or more grantors.
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Trustee: The individual or institution responsible for managing the trust's assets and carrying out the terms of the trust. There can be one trustee, multiple trustees, or even a professional trust company. Sometimes, the grantor and trustee are the same person, especially in revocable living trusts.
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Beneficiaries: The individuals or entities who receive benefits from the trust. There can be one or multiple beneficiaries, and they can be individuals, organizations, or even other trusts.
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Successor Trustee: This is the person or entity designated to take over the trustee’s responsibilities if the original trustee can no longer serve, due to reasons such as death, incapacity, or resignation.
In summary, a trust typically involves at least three people (grantor, trustee, and at least one beneficiary), but the number can be much larger depending on the complexity and goals of the trust.
