George Washington set a lot of precedent's while he was in office. For example; in 1796, he published his Farewell Address. In it, he announced that he retired. Washington a â¦ lso set another important precedent at the end of his second term in 1796.
What Is a Trust Statement? Trusts are an important part of an estate planning process, and can save a grantor and his beneficiaries valuable time and money. When the grantor of an estate dies, the responsibility of managing the trust and distributing funds to beneficiaries falls to the estate trustee.
So here's a quick summary of what a trust is, and why someone would create one in the first place. A trust is an agreement in which one person (the settlor) agrees to transfer property to another (the trustee) who manages that property for the benefit of someone else (the beneficiary).The settlor must legally transfer ownership of the assets to the trustee of the trust.he trust -- in the person of the trustee -- becomes the new legal owner, and the trustee becomes the new manager. The most common kind of trust is a living trust, created to avoid probate court proceedings when the settlor dies. With most living trusts, the settlor is also the first trustee and beneficiary.