The Beneficiaries
Your trust document needs to establish who will receive your property. The person or persons who receive the benefits of the trust property are called beneficiaries. While you are living, you will probably name yourself as the beneficiary of your trust.
If you are the beneficiary of your trust, your trust document typically instructs the trustee (you) to distribute any of the trust property to you. Notice you are both the trustee and the beneficiary. Therefore, you are deciding what trust property to distribute to yourself. This is why you have control while you are living.
Most people know who they want to provide for, but don't understand the types of limitations that can be placed in a trust document to provide for the security of the beneficiaries. When you understand the types of powers you can give a successor trustee, and how you can limit the enjoyment of the property by your beneficiaries, it may actually change your mind about who you want to include in your plan. For instance, you may feel more comfortable including persons in your plan you otherwise wouldn't have because you can create conditions about what each person must do, or not do, to receive a distribution from your trust.
