Newport Beach, CA resident Richard T. Howard is an established trust manager with over 1,100 clients served. A trustee at Newport Beach, CA-based CDAMT, Richard T. Howard facilitates legal services for trusts and trains clients on the details of trust management.

Below are the definitions of some of the most common terms in trust management:

– Trust. A trust is a legal entity created to manage or transfer property. It is established when a settlor transfers assets to a trustee with the understanding that the latter will use or otherwise manage the property as provided in the trust agreement, for the ultimate benefit of the trust’s beneficiaries.

– Trust estate. This is the sum of property transferred to a trustee by a settlor for holding and management subject to the conditions of the trust. The property held in trust is not subject to turnover (though some states have exceptions to these creditor protections). The properties also benefit from certain tax advantages.

– Settlor. This is the person who initiates the creation of a trust by transferring property to a trustee. Settlors are also called trustors, creators, or grantors.

– Trustee. This is a person or corporate entity holding legal title to a trust. A trustee holds and manages the trust estate and is legally obligated to abide by the terms established in the trust.

– Beneficiary. This is the person or entity that benefits from a trust estate. They do not hold equitable title over the trust estate, only a beneficial interest. Therefore, they have no right to manage the trust or access its business records.