Difference between a truster and a trustee

anandp

Can anyone explain the difference between a truster and a trustee in relation to bare trusts?

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xylophone

As far as I am aware, (no expert)Trustor is another word for the settlor of a trust (the person who provides what is to go into the Trust) , the "Trust Property")- the Trust is settled on the Trustee who manages the Trust according to the Trust Deed for the benefit of the Beneficiary/ies.

The Settlor/Trustor can also be a Trustee and a beneficiary of the Trust.

A Bare Trust is a rather restricted Trust in so far as the Trustee has no discretion over how the Trust assets are to be applied.

http://www.hmrc.gov.uk/trusts/types/bare.htm


Concerning an absolute trust for a minor. which is commonly, (if not absolutely accurately) known as a Bare Trust, this might be worth a look http://www.osborneclarke.co.uk/publications/services/tax/articles/the-powers-and-duties-of-bare-trustees.aspx

anandp

Thanks - that's along the lines I was thinking too. And according to the BG form, it is Truster!

But I think its slightly different. A truster is the originator of the trust (the person who started it). They can be a donor into it and/or a trustee. But I'm getting this from a US site and not a UK one hence the query.

G_M

If you are using a US site it's no wonder you get weird terminology. They say they speak English, but in fact.....

It's 'trustee' and 'trustor'.

anandp

G_M wrote: »

If you are using a US site it's no wonder you get weird terminology. They say they speak English, but in fact.....

It's 'trustee' and 'trustor'.

The US site was where I found definitions. The "truster" I found on the BG form for opening a bare trust!