During a person’s lifetime, while they are still alive, a living trust is established. They pass title to their property from their name to the trustee of the living trust while an individual is still living. It is the trustee who becomes the legal owner of the transferred properties if an individual transfers property into a living trust. Many clients make themselves the trust’s initial “trustee” selecting their children as co-trustees or putting them in a particular order of procession. You may find more details about this at Oren Ross & Associates-Living Trusts Attorney.
For others, either they have no kids or they do not want to use their kids as trustees. They could select another family member, friends or trust companies or banks in this situation. Whoever they select as a co-trustee should not necessarily have extensive expertise in the administration and management of accounting, law or trust, but they should be able to spend the amount of time needed for trust management and should be willing to seek professional assistance when the need arises.
It doesn’t mean that you lose ownership of it just because you put your estate in a trust. Since the initial trustee is most likely to be you, you will be in charge of what happens to your land. It would be up to you to take it out of the trust, or use it like you did, or just leave it alone until the trust was formed. Having a living trust will allow you as a single unit to manage your properties and a trust will ensure that your distribution of property is managed effectively upon your death.
The first action plan would be to employ an attorney for estate planning who would draw up the trust document. The names of the trustors will be included within the document. The trust would often usually appoint successor trustees, such as other persons, banks, or trust companies. The successor trustee will take over control of the trust upon misconduct, resignation or death of the original trustee(s).
In addition, the trust will arrange for the disposition of the estate, just like a will, if both trustees die. Provisions for younger family members, schools, charities etc. should be included. If you want to learn more about living trusts or some other aspect of estate planning, it is strongly recommended that you get the participation of an experienced lawyer in estate planning that you can trust – these are complicated circumstances that require thorough care. You will be able to take the required steps in preparing for your future, as well as that of your entire family, by consulting with a lawyer who understands this area of the law.