The party that creates a trust is known as the grantor. In the trust agreement, the grantor names a person, known as the trustee, to take possession of the trustâs assets and manage them. The trustee may be a person or a small business or corporation. The party that is designated to receive the income or other assets from the trust is known as the beneficiary.
Wiktionary(0.00 / 0 votes)Rate this definition: 1  determinable(Noun) An attribute of something that is suceptible of determination into various states. 2  determinable(Adjective) Able to be determined or limited. 3  determinable(Adjective) Able to be decided or settled by law.
Fee simple determinable[edit] A fee simple determinable is an estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable.