He is the subject entrusting his assets to the Trustee and assigning them to a specific purpose by dictating the rules that the latter is bound to follow in the administration of the same. He can also appoint a protector.
They are those in whose interest the trust fund is administered and to whom it will ultimately be transferred, identified subjectively or as members of categories. Beneficiaries can also be added or removed. They can be recipient of both capital and income distributions from the trust.
It consists of the assets entrusted to the Trustee, who administers them in the interest of the beneficiaries. Any economically valuable asset can be settled into a trust (movables, immovable, credits, etc.).
He administers the assets entrusted to him by the settlor in the interest of the beneficiaries. He acts within the limits and according to the powers granted him by the trust deed.
If foreseen, plays a key role in providing major guarantees for the safeguard of beneficiaries’ rights, while making sure that the settlor’s intentions transfused in the trust instrument are respected. He could be vested with a wide range of powers, among them, the power to veto trustee’s choices and to revoke the trustee and appoint a new one of his choice.
Letter of Wishes
They are a form of non-binding communication through which the settlor or a beneficiary could provide the trustee with specific information regarding their expectations on the management of the trust fund.