Trustee and beneficiary can be the same in revocable trust

General Real Estate Investing
1

So, why can’t a land trust be revocable and the trustee and beneficiary be the same?

2

What you describe is a common set up for land trusts.

3

Thanks, I was under the impression that investors didn’t do that.

4

I see trust parties to a revocable trust a little differently. The person who funds the trust is called the settlor or grantor. The person who manages the trust is the trustee and may be the grantor him/herself. The person who inherits the assets of the trust (or the grantor’s beneficial interest) upon the death of the grantor is the beneficiary.

If I got it wrong, I am sure one of the lawyers on the boards will correct me.

5

The beneficiary is the person who gets the benefits of the trust. That means access to trust principal, trust income, and/or use of trust assets. It can be the grantor during his life, but it doesn’t have to be.