And the answer is yes, you can be the beneficiary of a trust that you create. Most people will create what’s called a revocable living trust. That is a trust that they create during their lifetime and that they continue to have the ability to change at any point in the future so long as they are not incapacitated and have the ability to do so.
Now, when someone creates a trust, they actually wear three hats. The first hat is the role of the creator. They create the trust. The technical name for this is grantor. They are the grantor of the trust, meaning the person who creates the trust.
The next role that most people have is they are the trustee. The trustee is the manager of the assets that are owned by the trust. So an individual who creates the trust is usually also the trustee of the trust.
And then third, and finally, if you create a trust, you are also the beneficiary. That means that during your lifetime you will have the benefit of the assets that are owned by the trust.