Beneficiary of trust,
Definition of Beneficiary of trust:
A beneficiary of trust is the individual or group of individuals for whom a trust is created. The trust creator or grantor designates beneficiaries and a trustee, who has a fiduciary duty to manage trust assets in the best interests of beneficiaries as outlined in the trust agreement. .
A person for whom a trust has been created and who will eventually receive the benefits of said trust.
In addition to transferring wealth to beneficiaries such as children, individuals also establish trusts to secure certain gift and estate tax protections. .
How to use Beneficiary of trust in a sentence?
- Trusts are often established to transfer wealth to children but they can also be used for protection against gift and estate taxes.
- The person who creates a trust also determines the trust beneficiary and appoints a trustee to manage the trust in the beneficiary's best interests.
- Beneficiaries have rights depending on the type of trust and state laws.
Meaning of Beneficiary of trust & Beneficiary of trust Definition