A BASIC PROPERTY TRUST
To create a basic personal property trust, you (called the Settlor or Grantor) transfer ownership of some or all of your property to a personal property trust. Because you can make yourself the "Trustee", you do not need to give up any control over the property you put into the trust.
When you die, resign, or become incompacitated, the person you named in the Trust document to take over, called the Successor Trustee, transfers at the appropriate time, ownership of Trust property to the person or persons you want to receive the property based on rules you set in the trust. In most cases, the Successor Trustee can handle the whole thing in a few weeks with some simple paperwork, if that is your desire.
Should you desire to have us create these documents for you, the documents include the personal property Trust, Certifications Of Trusts, Exhibits "A", "B", "C" and "D", and Administration Forms such as Trustee Resignations, Memorandum Of Transfer, Memorandum Of Action By Grantor, Information For Agents, Statement of Notice, Certificate Of Appointment Of Successor Trustee, General Information To The Successor Trustee(s) From the Settlor(s) and Grantor(s), and Checklist For Successor Trustees.
To create a basic personal property trust, you (called the Settlor or Grantor) transfer ownership of some or all of your property to a personal property trust. Because you can make yourself the "Trustee", you do not need to give up any control over the property you put into the trust.
When you die, resign, or become incompacitated, the person you named in the Trust document to take over, called the Successor Trustee, transfers at the appropriate time, ownership of Trust property to the person or persons you want to receive the property based on rules you set in the trust. In most cases, the Successor Trustee can handle the whole thing in a few weeks with some simple paperwork, if that is your desire.
Should you desire to have us create these documents for you, the documents include the personal property Trust, Certifications Of Trusts, Exhibits "A", "B", "C" and "D", and Administration Forms such as Trustee Resignations, Memorandum Of Transfer, Memorandum Of Action By Grantor, Information For Agents, Statement of Notice, Certificate Of Appointment Of Successor Trustee, General Information To The Successor Trustee(s) From the Settlor(s) and Grantor(s), and Checklist For Successor Trustees.
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