It helps to understand some of the legal terms.
Grantor(s): The person setting up the trust—you (and your spouse). Also called creator, settlor, trustor or trustmaker. As the grantor, only you can make changes to your trust. That’s how you keep control.
Trustee: Manages your trust now. Usually this will be you (and your spouse) and/or another individual, or a corporate trustee (bank or trust company).
Successor Trustee(s): Will step in and manage the trust for as long as necessary if you (and your spouse) become incapacitated. At your death(s), your successor will distribute your assets according to your instructions. Successor trustees can be adult children, trusted friends and/or a corporate trustee. More than one should be named, in order of your preference, in case your first choice is unable to act.
Beneficiaries: Persons and/or organizations who will ultimately receive the assets in your trust after you die.