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YOUR LIVING TRUST TEAM 

Grantor(s): Person(s) creating the trust-you (and your spouse). Only a 
grantor can change or cancel his/her trust. (Also called settlor, trustor or 
donor.) 
Trustee(s): Manages the assets in your trust now. Usually you (and 
your spouse) and/or a corporate trustee (bank or trust company). 
Successor Trustee(s): Will step in and manage the assets in your trust for 
as long as necessary if you (and your spouse) become incapacitated. At your 
death(s), your successor trustee will distribute your assets (or keep them in 
your trust) according to your instructions. Successor trustees can be adult 
children, trusted friends and/or a corporate trustee. 
Beneficiaries: Persons and/or organizations who will receive the assets in 
your trust when you (and your spouse) die. 

GRANTOR(S) 
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TRUSTEE(s) 
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SUCCESSOR 
TRUSTEE(S) 
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BEN EFICIARIES 

Even if you feel that your beneficiary would handle the inheritance well, you may want to keep the 
assets in the trust to protect them from creditors, current spouses, ex-spouses, potential lawsuits 
and future death taxes. Your trustee can make distributions to the beneficiary as needed, but the 
assets that remain in the trust would be protected from these creditors and predators and, if 
invested well, could even help provide for future generations. 
Most people would like to leave their children or grandchildren enough so they can do anything 
they want, but not so much that they do nothing. With a trust, you can do that and more. 
How does a living trust let me control assets for minor children? 
As long as the assets stay in a trust, you prevent the court from taking control of the inheritance 
at your death or incapacity. 
If you have minor children, you will name a guardian to raise them if something happens to you. 
You will also name a trustee to manage the assets and provide money for expenses until each child 
reaches the age(s) you want him or her to inherit. The trustee can be one or more individuals, 
including the person you name as guardian, and/or a corporate trustee. (Naming one person as 
trustee and guardian may seem convenient. But the person you want to raise your kids may not 
be your best choice to handle the money.) The court still has the right to approve your choice 
of guardian, but it cannot control the inheritance. The trustee can automatically step in at your 
death or incapacity and follow your instructions, with no court interference. 
If you are divorced or separated: Since you control who will manage the assets, an irresponsible "ex" 
may have no incentive to even get involved. And if the other natural parent isn't interested, the 
court may go along with your choice for guardian. 
Grandparents: You can name a trustee (perhaps one of the child's parents or a corporate trustee) 
to manage the assets until each child reaches the age(s) you want him/her to receive the inheri- 
tance. You may also want to inform their parents about a living trust to prevent court control if 
they were to experience incapacity or an early death. 
Does a living trust reduce my taxes? 
A revocable living trust has no effect on your income taxes. Income taxes must be paid every year 
you receive income, even the year you die. However, if you are married, a living trust can reduce 
or, depending on the size of your estate, even eliminate estate taxes . 
. What are estate taxes and who has to pay them? 
Estate taxes are different from, and in addition to, income taxes and probate fees. Depending 
on how much you own when you die, estate taxes may have to be paid before your assets can be 
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