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Grantor, Does Hereby Grant and Warrant Unto , Form

Grantor, Does Hereby Grant and Warrant Unto , Form

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Hi Lee Phillips again. Yeah it's me. I've had the question what's the difference between a grantor of a trust and the trustee of the trust? Well you've got to have some terminology here. the grantor is the guy who sets up the trust and the lawyer will call him the grantor, the settlor, or the trustor it's the guy that sets up the trust and originally puts money or property into the trust. So the grantor is the guy who sets it up the trustee is the guy that manages it on behalf of a third party, the beneficiary. So the grantor sets it up the trustee manages it in the trust for the benefit of the beneficiaries. Now here's the hard part to understand, maybe and that is you can wear the grantor's hat you can also wear the trustees hat and you also get to be the beneficiary in your living revocable trust and the definition of a grantor trust in the IRS and it's a special IRS terminology the definition basically says that you&am

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