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Wealth Planning

Trust & Estate Planning: Who Does What and When?

Understand who manages a trust, including the different roles and responsibilities of the individuals involved.

A group of four hikers walking on a grassy, rocky landscape during sunrise or sunset. The group includes adults and children, all wearing warm clothing and backpacks, enjoying the scenic view of rolling hills under a clear sky.

Are you familiar with the key players in a trust? Knowing and understanding the important roles in trust and estate planning can help you plan like a pro and preserve your wishes, assets, and legacy, while maintaining harmony in the family.

Four Critical Roles in a Trust

1. Grantor/Settlor
Without this person, the trust wouldn’t exist. The grantor creates and funds the trust, typically for any or all of these reasons:

As a succession-planning alternative to a last will and testament
To preserve wealth
For confidentiality and/or for asset protection

An easy way to remember this role is to think of giving. The grantor is giving or granting the trust recipients with something—assets, money, etc. They can do this through an irrevocable or revocable (or living) trust. The difference between the two is straightforward:

The grantor normally cannot change or “revoke” an irrevocable trust once it is established and ownership/control is shifted to the trustee(s)
The grantor can change and modify a revocable trust during their lifetime

There are different reasons to use either of these trust types. Your advisor can put you in touch with experienced Goldman Sachs professionals who can help you explore your options.

2. Trustee
This person or trust company has legal ownership of the trust assets and manages the assets as a fiduciary for the beneficiaries named in the trust agreement. The grantor is trusting the trustee to maintain control of their assets according to their wishes.

The trustee may know the beneficiaries personally or may be a corporate trustee or trust company that professionally manages the trust for a fee. Some trusts have both an individual and a trust company as co-trustees.

3. Beneficiary
Beneficiaries are those who will benefit from the trust as the current or future recipients of the trust’s assets. Major life events, such as marriage, divorce, birth/adoption of a child, and death, can be good reasons to update the trust’s beneficiaries. Beneficiaries can be individuals or charities.

4. Protector
A protector has special powers to address any modifications to the trust when circumstances change. A protector can dismiss the trustee and select a replacement one and/or amend a trust agreement because tax laws have changed. Not all trusts have a protector.

Additional Important Roles to Consider

Personal representative
Also known as an executor, this individual is responsible for distributing assets according to the deceased person’s will. They can be involved in an estate and work with the trustee, but they do not have a direct role in a trust. Occasionally, the trustee and the personal representative can be the same person.

Power of attorney
A power of attorney is a document that allows you to appoint a person to handle your financial affairs while you’re unavailable or unable to do so.

Healthcare agent
A healthcare power of attorney is a document that allows you to designate a person (an “agent”) who will have the authority to make healthcare decisions on your behalf if you are unconscious, mentally incompetent, or otherwise unable to make such decisions.

Guardian
A person(s) appointed in a will to act as a fiduciary responsible for the person or property of a minor or, in some cases, an incompetent adult. This is an important role to consider if you have children.

Trust and estate planning is complex, but knowing the key players can make it easier. If you have questions about the trust services available to you, please reach out to your Goldman Sachs advisor.

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This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Goldman Sachs & Co. LLC. (“Goldman Sachs”) is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. This material may not, without Goldman Sachs’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. GS Family Office services offered through Goldman Sachs and Co. LLC. Member FINRA/SIPC. Fiduciary trust and estate services are offered by The Goldman Sachs Trust Company are provided by The Goldman Sachs Trust Company, N.A., The Goldman Sachs Trust Company of Delaware or one of its affiliates (“Goldman Sachs Trust Companies”).

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