PROTECT YOUR PROPERTY ASSETS BY SETTING UP A TRUST
If you own property, then at some point you will want to explore legal issues involving setting up a trust. This is part of estate planning. Trust Administration is a critical component.
SPLITTING OWNERSHIP
Legal property ownership - of either real or personal property - can be split through the use of a trust. The creator of the trust defines how assets are to be distributed and who benefits. Then the trustee responsible for Trust Administration oversees asset distribution according to the creator's wishes. The trustee must protect the assets of the trust.
DECISIONS ABOUT RIGHTS AND VESTING
Rights of property ownership are an important aspect of trusts. Examples of this are rights of possession, use, ability to sell or transfer property, and how wills can delineate who receives the property when the owner dies.
The Elder & Disability Law Firm can help you best decide how best to handle vesting of beneficiaries, including their rights and limitations.