Parties Involved in the Trust Registration Process
The trust registration process encompasses the participation of the following key parties:
1. Trustor: The trustor is the individual who initiates the establishment of the trust. Typically, they are the proprietor of the assets or property being placed into the trust.
2. Trustee: The trustee is an individual or entity entrusted with the responsibility of managing and overseeing the trust. They hold and administer the trust property on behalf of the trustor and for the benefit of the beneficiary.
2. Beneficiary: The beneficiary is the person for whom the trust is established. They are the designated recipient of the benefits, assets, or property held within the trust. The beneficiary, often a third party known to both the trustor and trustee, is entitled to receive the benefits in accordance with the terms and conditions specified in the trust.