Let's Review Some Vocabulary

Revocable trust
A revocable trust is a fiduciary arrangement created by a trust agreement (also known as a trust instrument) between a settlor (also known as a grantor) and a trustee that allows the trustee to manage the money or property that is transferred to the trust for the benefit of the beneficiaries of the trust.

Trust agreement, or a trust instrument
A trust agreement, or trust instrument, is the document by which the settlor (also known as a grantor) and a trustee establish the ground rules for managing the money or property that is transferred to the trust.

Settlor, or grantor
A settlor (grantor) is the person who created the revocable trust.

Trustee
A trustee is the person or financial institution designated in the trust agreement, or trust instrument, to manage the money or property that is transferred to the trust.

Co-trustee
When a trust has more than one trustee, a co-trustee refers to each person or financial institution acting as a trustee.

Successor trustee
A successor trustee is a backup trustee that acts only if a trustee can no longer fulfill that role.

Beneficiary
A beneficiary is a person who receives money or property from a revocable trust.