In Step 1 a simple Beneficiary directed trust will be created.
All trusts must have 3 separate and distinct components to be legal .
A trust must have someone or entity placing property into the trust. This person or persons will be know as the Grantor(s).
The trust must be set up for someone(s) or an entities benefit. This person(s) or entity will be know as the Beneficiary.
The third legal requirement is to have a Trustee. This is an individual or entity that will manage and control the Trust.
All trusts must have a Grantor / Settlor. In a living trust this individual would be named a Settlor. This is the person or persons actually placing the property into a trust. Since we are creating a Grantor's Revocable Trust the individual(s) placing the property into the trust will be Grantor(s).
The Beneficiary(s) of the trust are individual(s) or an entity(s) that will receive benefits from the trust. This could be current benefits or future benefits.
The Trustee of the trust is the individual or entity that has been given the task and responsibility of managing the trust and its assets. This is a Beneficiary directed trust which means all of the decisions are made by the Beneficiary(s) and given to the Trustee to perform. The Trustee can only perform the tasks that are designated in the trust or as directed by the Beneficiary(s). The Trustee has no power to sell the trust assets or to borrow money against the trust assets.
All Trust Solutions trust use Wealth Resource Institute as their Corporate Trustee. This company is owned by J. Michael Roberts.