The trust document may appoint a trust protector and set out their powers. The trust protector specific duties will be as assigned in the trust document, but they are generally to direct the trustees in their administration of the trust, and ensuring the purpose of the trust is fulfilled.
The "body" of the trust (corpus is latin for "body"), this is the property that is transferred into the trust. Also know as the Trust Res.
A trust designed to avoid transfer and estate taxes by passing wealth down through family generations.
These trusts are irrevocable and often limited by state rules against perpetuity.
A form of bypass trust in which the surving spouse may disclaim property after the deceased spouses's death. The disclaimed property will go directly into the bypass trust (rather then to the surviving spouse). The surviving spouse will not have access to this property, but this property will not be subject to the estate tax on the death of the surivivng spouse.
A trust in which the trustee has less then full managerial authority, rather the additional control is appointed to someone else (fo example, an investment banker).
Also known as a Trust Instrument, this is the device (usually a document) that creates the trust. It names the beneficiary(ies) and trustee(s), and may include the assets to be in the trust as well as issues about trust administration.
Also known as a standby trust. This is a trust with a catch, a future event specified in the trust instrument that must occure for the trust to operate.