Beneficiary: A person who receives or has a right to receive income or principal (corpus) of a trust.

Grantor/Settlor/Trustor: A person who establishes a trust.

Trustee: A person who holds legal title and manages trust assets. The trustee is responsible for all the actions of the trust.

Revocable Trust: A trust in which the grantor retains the right to end the trust. Revocable trust assets are included in the grantor's gross estate. The transfer of assets into a revocable trust is not subject to gift tax.

Irrevocable Trust: A trust in which the grantor relinquishes all control over the assets in the trust at the time of transfer. Irrevocable trust assets may not be included in the grantor's gross estate. The transfer of assets into an irrevocable trust is subject to gift tax.