trustee and beneficiaries 101

Congratulations! You were just appointed to be a trustee / beneficiary.

Don’t be overwhelmed, or confused. You may ask, “what is a trust?”. Another term that has been popularized that you may recognize, “trust fund” it’s an arrangement from one person, the trustee, who legally holds the title of a property for another person. So, the grantor is the trust creator. Basically, think Bruce Wayne taking over Wayne Enterprise. That person is called a, “beneficiary”. Now what happens? What is your roles as trustee, and what is your role as a beneficiary?

How does a trust work?

As explained above, a trust is a legal entity that can own your assets. Think of this document similar to a will. A trust generally explains instructions to your final affairs, and whom will take control of assets if incapacitated or pass. It can be changed at any point by the grantor. The trust will keep a grantors wealth and assets viable. Think of it as an agreement between two or more people to control wealth if something happens to one.

Trustee Responsibilities

A trustee has various roles, but Antanavage Farbiarz starts simple. The trustee(s) will manage the trusts assets. More responsibilities include tax filing, trust investing, record examining, and asset distribution to beneficiaries. Don’t worry, professionals can help. Most trustees are a loved one, and have legal binding duties. If you can’t uphold the duties you may want a third party to take over as trustee. The grantor should inclose all important information and documents to a trustee. Some grantors may not include all asset information. Some people are private and may not want to disclose earnings.

Beneficiary Responsibilities

Lastly, the easiest role of them all. No need to worry, because beneficiaries sit back and collect the assets. That’s it!

Need to know more about being a trustee and a trust fund? Contact us through or website today or by phone at (610) 562-2000 for any questions regarding trusts.