Who does what

The roles

• Grantor (also settlor or trustor): you, the person creating the trust and putting property into it.
• Trustee: whoever legally holds and manages trust property. Normally you, while you are able.
• Successor trustee: takes over on your incapacity or death. Pays your bills, files final tax returns, and distributes your property. Choose someone organized and even-handed, not simply the eldest child.
• Personal representative / executor: named in your will, handles anything that has to pass through probate.
• Guardian: the person a court appoints to raise your minor children. You nominate; the judge appoints.
• Beneficiary: anyone who receives property under the plan.

Choosing well

A fiduciary owes duties of loyalty, impartiality and prudence, and must keep records and account to the beneficiaries. Pick people who are willing, reachable and financially steady, and always name at least one alternate. A bank or trust company is an option if no individual is a good fit.