Grantor type Trust. A grantor trust is an entity in which the creator (or grantor) retains some power or interest over the income and/or corpus of the trust. Created by a living individual, group of individuals, or other entity, this type of trust is not recognized as a separate taxable entity apart from its grantor for income tax purposes.
http://www.taxalmanac.org/index.php/Guide_to_Types_of_Estate_and_Trust_Entities.html
The person holding the asset or property is known as the. trustee. The people or even companies for whose benefit. it is held are known as the beneficiaries. Unlike a company, a trust is not a separate legal entity, although it is treated as a separate entity when it comes. to paying tax. That means the trustee is liable for any of the. trust’s debts, which is why many people choose to have a. company as trustee.
http://www.lawsociety.com.au/cs/groups/public/documents/internetcontent/906139.pdf
Guide to Types of Entities. An estate or trust is a separate legal entity created under state law solely to transfer property from one party to another. The entity is separated by law from both the grantor and the beneficiaries. Understanding how the separate entities operate requires an understanding of the different types of entities there are.
http://www.taxalmanac.org/index.php/Guide_to_Types_of_Estate_and_Trust_Entities.html
A settlor is the person who creates the trust. A trustee is the person who manages trust assets. A beneficiary is the person for whom the benefit of the trust is intended. In addition, a trust will either be revocable or irrevocable.
https://www.osbar.org/public/legalinfo/1119_WhatIsATrust.htm
A Revocable Trust Is Not a Separate Legal Entity – Part 1. A pair of decisions from last month reinforce the fundamental rule that an inter-vivos revocable trust is not an entity separate from the trustee. “Unlike a corporation, a trust is not a legal entity. Legal title to property owned by a trust is held by the trustee. A trust is simply a collection of assets and liabilities. In 1680 Property Trust, it was alleged that the trustee had made fraudulent statements.
http://fiduciarydutiesblog.com/2009/12/06/a-revocable-trust-is-not-a-separate-legal-entity-part-1/
What is a trust? A legal trust is a entity frequently used in estate planning to help a person distribute property or provide for a loved one after they have passed away. The trust is a written set of rules that will determine how, what, when, and where a gift or property is to be distributed to an heir or beneficiary.
http://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm
Name the beneficiaries. A beneficiary is the person you intend to benefit with the trust. Once the trust is established, the will have a right to have the assets used for their benefit in the way set up within the trust.
http://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm
A Revocable Trust Is Not a Separate Legal Entity – Part 1. A pair of decisions from last month reinforce the fundamental rule that an inter-vivos revocable trust is not an entity separate from the trustee. The first opinion, 1680 Property Trust v. Newman Trust, 2009 DJDAR 16161 (Nov. 17, 2009) states the rule with elegant simplicity, to wit:
http://fiduciarydutiesblog.com/2009/12/06/a-revocable-trust-is-not-a-separate-legal-entity-part-1/
People create trusts for different reasons. A person who creates a revocable living trust may do so because it allows her to avoid probate, which is the court process of settling the estate of someone who has died.
https://www.osbar.org/public/legalinfo/1119_WhatIsATrust.htm
When a settlor creates a trust, the settlor creates a separate legal entity. After creating the trust by signing a legal document, the settlor transfers ownership of assets from the settlors name to the trusts name. If the asset is real property, the settlor signs a deed conveying the real property to the trust.
https://www.osbar.org/public/legalinfo/1119_WhatIsATrust.htm
is a revocable trust a separate legal entity
No, a revocable trust is not a separate legal entity.