Settlor, Trustee, Beneficiary

Settlor

The settlor is a person who creates the trust and transfers propertyto the trustee and causes the trustee to administer and dispose of such property(trust property) on behalf of the beneficiaries, in accordance with the trust objectives.

Trustee

The trustee is a person who receives the trust property transferred from the settlor and is under the obligation to administer and dispose of trust property on behalf of the beneficiaries in accordance with the trust objectives.

Beneficiary

Beneficiary refers to a person who receives the distribution of trust income from the trustee in accordance with the terms of trust.
The beneficiary can be identical to the settlor or can be another person.
The beneficiary does not need to be an existing person. In such cases, a trust caretaker is appointed to protect the benefits for the beneficiary.
In principle, the beneficiary may not change during the term of the trust, if the terms of the trust otherwise provides, such provision shall prevail.

Trust objectives, Trust property | Settlor, Trustee, Beneficiary | Trust function