What is a Trust?
A trust is legal document between a Grantor and Trustee for the benefit of Beneficiaries. The assets held in trust are owned by the trust, rather than owned by the beneficiaries, and the trust document informs the trustee on how distributions are made. One benefit of creating a trust is the elimination of the probate process by transferring the personal assets of the grantor to the trust’s name prior to death.
The individual or entity assigned as a trustee holds a fiduciary responsibility to the beneficiaries.
Guardian & Conservator Services, Inc.’s Role
GCS, Inc. can serve as the trustee or successor trustee if appointed to do so by a court and allowed by the trust document. We specialize in Grantor Trusts, Irrevocable Trusts, Revocable Trusts, Spendthrift Trusts, Special Needs/Supplemental Needs Trusts. Our work will be directed by the trust document, state trust law, and orders from a court of law.
All Trust accounts are accepted subject to appointment by a court of appropriate jurisdiction and oversight by that court.
Terminology
- Grantor/Settlor/Trustor: the person who has created the trust
- Corpus: the property placed into the trust
- Testamentary Trust: a trust created by a will
- Special Needs Trust: a trust set up for a person with disabilities for the purpose of supplementing their special needs and preserving eligibility for government benefits (Social Security/Medicaid).
- Living Trust: a trust created by a living grantor
- Revocable: The trust can be changed
- Irrevocable: The trust cannot be changed
- Fiduciary duty: a relationship between parties that obligates on to act solely in the best interest of the other(s).