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June 05, 2012
Trustor is the name given to individuals that establish trusts. Trusts are used to safeguard property and establish beneficiaries to receive assets upon the Trustor's death. A Trustee is designated to manage the trust. In most cases, this is the person that sets up the trust, but there are times when another person is in charge.
The term, Trustor is used with all kinds of trusts including living, land, testamentary, and irrevocable life insurance trusts. Trusts are commonly used with estate planning to avoid probate and reduce estate taxes.
Probate is always needed when estate assets are not transferred to a trust or protected by other estate planning strategies. The process is usually quite slow; especially in heavily populated areas where courts are overburdened.