Trusts are nice if you receive money from one every month, but for some, they get complicated. If your client inherits real property through a trust, don’t panic; instead, review these steps to help your client obtain control of the home. Step 1: Who are the trustor, trustee and beneficiary? A trust is a legal entity that has three parties. Trustor: the person who created the trust by contributing the real property and establishing the legal terms. Also referred to as a grantor or settlor. Trustee: the person who will carry out the terms of the trust. Beneficiary: the person who will receive the benefits of the trust; in this case, most likely your client who has received real property. An important note: these roles could be distributed only between two individuals. For example, one individual could be both the trustee and the beneficiary. Step 2: Is it a testamentary trust or an inter vivos trust? Your client likely received the property from either a testamentary…
Source: click here
Loading ...