Define the following Terms.
- Trustor
- Trustee
- Beneficiary
- Corpus
- Trust purpose
Trustor: Person creating the trust. Also called the Settlor or the Grantor
Trustee: The person or legal entity (such as a bank) the trustor gives the legal title in the trust property to. The trustee is responsible for maintaining and investing the trust property for the benefit of the trust beneficiaries
Beneficiary: The person(s) or institutions that are entitled to an advantage, benefit, or profit from the gift or donation of another. In a trust, this is the person or institution that receives the benefit (principal and/or interest) from the trust assets.
Corpus: Property given to the trust; the principal of the trust.
Trust purpose: Must be clearly stated. Trust may be created for any legal purpose.
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