Trusts - Grand Traverse County Probate Court

Trust Definition
A way to hold property in which legal and equitable title are separated. The legal title to trust property is held in the trust name solely for the benefit of another. A trust is created by a "settler" through a written document transferring legal title to the assets from the settler's name into the trust name. The trust document allows a "trustee" to manage and distribute trust assets solely for the benefit of the "trust beneficiary".

Trust Inter Vivos
Also known as a "living trust". A trust document that is created and administered for the benefit of and during the life of the trust creator who is also known as the "settler".

Trust Irrevocable
A trust document in which the trust property is permanently conveyed in the trust name. The trust creator (also known as the "settler") is unable to regain control of the trust property or otherwise destroy the trust.

Trust Testamentary

A trust that is created by the decedent's Will. Typically, a testator will designate certain property or a percentage of the estate to be transferred into a trust for the benefit of certain individuals or charities.

The fiduciary who oversees a trust.