An organization (ie:bank) or someone else can manage the money or property in a trust usually at a set period of time. They are managed by Trustees and are set up to help better serve the beneficiary’s interests. It is a legal document that tells the Trustee how to specifically handle the money and assets on behalf of the beneficiary according to the Trusts wishes.
A person who benefits from a trust, will, or life insurance policy. This includes heir, heiress, inheritor, legatee; recipient, receiver, payee, donee, assignee; devisee, grantee.
What should I do as the Beneficiary?
What you can legally do and what you should do are not necessarily the same thing. If you are the only one, then a formal trust administration may not be the best solution. This means you can dispense with most of the required formalities of trust administration. Generally speaking, you can go ahead and transfer the property to yourself. If there is more than one, then you’ll probably want to go through a more formal administrative process for the trust. Do yourself a favor and order my free book on trust administration. This book will give you the complete answer to your question.