The Three Core Roles
When you create a Revocable Trust, you initially fill all three primary roles. This allows you to maintain total control over your assets during your lifetime.
1. Trustor (Grantor/Settlor)
The Trustor is the person who creates the trust and transfers assets into it (a process called “funding”).
Individual Trust: You are the sole Trustor.
Joint Trust: You and your spouse/partner are the co-Trustors.
2. Trustee
The Trustee holds legal title to the assets and manages day-to-day operations (e.g., opening bank accounts, signing checks, or selling property).
Control: In a Revocable Trust, you (and your spouse, if applicable) serve as the initial Trustee(s). This ensures that your daily financial life does not change after creating the plan.
Succession: You will name Successor Trustees to take over only if you become incapacitated or pass away.
3. Beneficiary
The Beneficiary is the person entitled to the economic benefits of the trust (e.g., living in a trust-owned house or receiving income from trust investments).
Lifetime: While you are alive, you are the primary beneficiary.
Inheritance: Your "Remainder Beneficiaries" (such as children or charities) only receive benefits after you pass away.
The Trustee Appointer
To ensure the trust remains flexible without needing court intervention, Wealth.com documents include a specialized role called the Trustee Appointer.
Purpose: This person has the power to remove a current trustee, appoint new trustees, or change the order of succession.
Fiduciary Duty: This is a "fiduciary" role, meaning the appointer must act in the best interest of the beneficiaries, not their own.
Why it matters: If a named Successor Trustee is no longer fit to serve, the Appointer can update the plan immediately without you having to re-draft your legal documents.
FAQ's
Can my Trustee be a non-U.S. citizen or resident?
Yes, but there are practical and legal complexities to consider:
Logistics: Consider if the person speaks English, lives in a compatible time zone, and can easily communicate with U.S.-based banks and CPAs.
Familiarity: U.S. residents are generally more familiar with the American legal system and probate process.
Wealth Vault: If you appoint someone abroad, it is vital to leave detailed instructions in your Wealth Vault regarding the location of physical assets (like safety deposit boxes) and digital accounts.
What is the difference between a Successor Trustee and a Trustee Appointer?
Think of the Successor Trustee as the "backup driver" who takes the wheel if you can't drive. Think of the Trustee Appointer as the "manager" who has the power to hire or fire the drivers to ensure the trip stays on track.