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Generally, a trust is a legal relationship that is set up whereby one person holds the legal title to the property, the trustee, and another has the benefit of the use, enjoyment and income from the property, the beneficiary. Trust law is extremely complex. Very briefly stated, the person who sets up the trust and conveys or transfers their property to the trustee is called the trustor. Once set up properly the trust allows the grantor to remove her property from her own estate, thereby protecting it from creditors and heirs, and still enjoy the use of and income derived from it. The trust property is any personal or real property transferred to the trust such as real estate, stocks, bank accounts, etc. That property is "held in trust" by the trustee.
Wiki User
∙ 15y ago
Wiki User
∙ 16y agoTitle to real or personal property can be transferred to a trust through its trustee. When transferred to the trustee of the trust it becomes the trust property. The trustee named in the trust instrument then has the sole and absolute authority to manage the property but only according to the provisions of the trust FOR THE BENEFIT OF of the beneficiary. The person who transferred the real estate or personal property (money, stocks, etc.) to the trustee no longer owns the property. It is now the property of the trust.
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What is a Trust Res?
The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.
Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
Does the settlor own the property in a trust?
No. The property is owned by the trust and managed for the trust by the trustee.
Who owns the assets in a trust?
The trust owns the trust property and that property is managed by a trustee who carries out the provisions of the trust.
Can you sell land out of a revocable trust?
Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.
What is the definition of house placed into a trust?
A property conveyed to a trust becomes trust property. It can only be conveyed by the trustee of the trust.
Is property deeded to a trust transferable to a trustee?
Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.
Does a trust protect all assets?
When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.
What is the population of Liberty Property Trust?
The population of Liberty Property Trust is 450.
When was Liberty Property Trust created?
Liberty Property Trust was created in 1972.
What is the population of Camden Property Trust?
The population of Camden Property Trust is 2,011.
