Who holds the money in a trust?
A trust is a legal arrangement in which a person or entity (the trustee) holds legal title to property for the benefit of another person or entity (the beneficiary). The trustee is responsible for managing the trust assets and distributing them according to the terms of the trust.
The trustee is the legal owner of the trust assets and is responsible for managing them in accordance with the trust document. The trustee is also responsible for ensuring that the trust assets are used for the benefit of the beneficiary. The trustee is typically a bank, trust company, or other financial institution, but it can also be an individual or a group of individuals.
The beneficiary is the person or entity who will benefit from the trust assets. The beneficiary is typically the person or entity named in the trust document, but it can also be a charity or other organization. The beneficiary has the right to receive the trust assets, but does not have any legal ownership of the trust assets.
The trust assets are held by the trustee on behalf of the beneficiary. The trustee is responsible for managing the trust assets and distributing them according to the terms of the trust. The trustee is also responsible for ensuring that the trust assets are used for the benefit of the beneficiary. The trustee is typically a bank, trust company, or other financial institution, but it can also be an individual or a group of individuals.
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