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Grantor vs. Trustee. Grantor of a Trust: What Are Their Responsibilities? The grantor’s primary role is to outline how the assets should be managed and distributed, ensuring their wishes are ...
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
The post Grantor vs. Grantee: Basic Roles and Responsibilities appeared first on SmartReads by SmartAsset. The grantor is the party who transfers the property, while the grantee is the recipient ...
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries. [4] Trusts have existed since Roman times and become one of the most important innovations in property law. [5] Specific aspects of trust law vary in different jurisdictions.
Grantor (the trust creator) can be a trustee: The grantor can act as a trustee during their lifetime, and is not forced to relinquish control of the assets placed in the trust. Cons.
In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. [ a ] Where the trust is a testamentary trust , the settlor is usually referred to as the testator .
When creating a trust, there … Continue reading → The post Beneficiary vs. Trustee: Estate Planning Guide appeared first on SmartAsset Blog.