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A. Definition of terms

A. Definition of terms

A Trust is a creature of the law in which one party – the Trustee – has legal ownership of any form of property that has been transferred to him/her or “it” (e.g., a bank) by the person establishing the Trust. That “establishing” person is called the Grantor (or Settlor, or Trustor). The property is known as the Trust “principal,” or “corpus”. These Trust assets are invested and/or managed for the benefit of one or more beneficiaries. Sometimes, the Grantor also wears the hats of Trustee and beneficiary. Generally, however, if the Grantor is the Trustee, he/she cannot be the only beneficiary.

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