The person creating the living trust is termed the Settlor or Trustor (these are synonymous). The Settlor appoints a Trustee to manage the Trust assets. The Trusee holds legal title to property for the main of another, also referred to the Receiver. Although the Beneficiary does not own legal title towards the property, he or she is alleged to own beneficial brand. So you can see right now that the Trustee canrrrt do anything with the property that will not benefit the Beneficiary, like sell some off and pocket money. It may be easier to consider about a Trust like a Corporation. The Trustee could be the CEO as well as the Beneficiaries your shareholders. As well as its not uncommon for Trustee to be a Beneficiary, although it's advisable your Co-Trustee be named also.
But within mind that mind that your family and friends aren't the only people you'll need to worry information about. estate planning isn't just an element that needs done before your death