A Trust is a legal document created during a person's lifetime and survives the person's death. A trust can also be done by a will and formed after death. The Trust creates the arrangement and sets out the duties and discretion of the Trustee.
The Trustor is the term used for the person creating and funding the trust
The Trustee is the person or firm named to have control of the assets placed in trust.
The Beneficiary is the person on whose behalf the trust is created and who is intended to benefit from the assets placed in trust. The Trustor and the Beneficiary may be the same person.
The Trust Principal is a general term for assets placed in trust.
While there are many different types of trusts, the basic types are revocable and irrevocable:
- Revocable Trusts (RLT)
- Irrevocable Trust
- Special Needs Trust (SNL)
- Asset Protection Trust
- Charitable Trust
- Constructive Trust
- Spendthrift Trust
- Tax By-Pass Trust
- Testamentary Trust
- Settlement Trust
At GFS we follow as directed by your trust, we administer and safeguard the assets held in the trust. We report to the beneficiaries, file tax returns and make distributions per the instructions in the trust. We prepare court accounting's and take responsibility for the investable assets. We take on the responsibility for all the trust assets, including investable assets and real property.