I’m glad you’ve made it through A Matter of Trusts - Part 1 and A Matter of Trusts - Part 2. Once again I must tell you who my inspiration was for this post. OK I’ll be honest time, it was Bill Joel’s song “A Matter of Trust” all along.
I feel much better after admitting that. But I digress let’s talk about beneficiaries.
The beneficiary is the person (or persons) who holds the beneficial title to the trust assets. While the beneficiary’s name does not appear on the deed to the trust assets, the trustee must manage the assets in the best interests of the beneficiary.
A trust may have more than one type of beneficiary. Since most trusts are designed to terminate at some point in the future, the two most common types of beneficiaries are income and remainder beneficiaries.