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2. Beneficiary - An individual(s) designated in the trust who benefits from the trust. The beneficiary can also be called the grantee. The grantor and beneficiary may be the same person. 3. Trustee - An individual(s) or entity (such as bank or insurance company) that manages and administers the trust for the beneficiary. 4. Principal - The assets that make up the trust. The principal includes income earned on the principal that has not been distributed. The principal is also called the corpus. 5. Proceeds - The income earned on the principal of the trust. It is usually interest, dividends, or rent. When the proceeds are not distributed, they become part of the principal. 6. Disbursement/distribution - Any payment from the principal or proceeds to the beneficiary or to someone on his behalf. B. General Information 1. When the a/b or financially responsible person is the grantor of a revocable trust created for himself or for the benefit of another individual(s), the entire trust principal remains a countable resource to the a/b. 2. When the a/b or financially responsible person is the grantor of an irrevocable trust created for himself or for the benefit of another individual(s), evaluate for transfer of assets unless the trust meets criteria for a Special Needs or Pooled Trust in XI.C., below. Refer to MA-2240, Transfer of Assets. Note: This does not include trusts created by the will of a spouse. Refer to XI.B.4 and XI.J. below. 3. When the a/b or financially responsible person is only the trustee of a trust, the trust is not a countable asset. Count as income fees paid to the a/b for management. Refer to MA-2250, Income. 4. When the a/b or financially responsible person is the beneficiary of a trust, use this section to evaluate the trust: a. As a resource available to the a/b, and b. As income countable to the a/b, and c. As a transfer of resources. C. Types of Trusts 78