Who are the owners of a family trust?

Who are the owners of a family trust?

At the core of a family trust, there are three parties: a grantor, a trustee and the beneficiaries. The grantor is the person who makes the trust and transfers their assets into it. The trustee is the person who manages the assets in the trust on behalf of the beneficiaries.

Who is the owner of a trust account?

An owner of a trust account is the person who has the powers to modify or revoke the terms of the trust, referred to as the trustor/grantor/settlor within the trust.

Who is the owner of a family trust?

A family trust is a legally binding document that covers an individual’s assets during one’s lifetime and specifies the terms of dispersing those assets after one’s death or incapacity. The person establishing the trust—generally referred to as the grantor—transfers all of his/her assets so that the trust itself is the owner, not the individual.

What happens when assets are in a family trust?

When our assets are in a family trust we no longer have legal ownership of them – the assets are owned by the trustees, for the benefit of our family members. People usually set up a family trust to get some benefit from no longer personally owning an asset. A family trust may be useful to:

Is it easy to set up a family trust?

A family trust is a relatively easy document to prepare and account for, particularly with the help of an estate planning attorney. Transferring asset ownership to the trust is an easy task. The ability to amend and adjust the terms at any time makes it a very versatile vehicle.

How does a family trust control real estate?

When you create a Family Trust you must transfer your real estate into the Trust. At that point the family trust becomes the owner of the property. As you control the trust you still control the property. The transfer is usually done with a quit claim deed from you and any other owners to the trust.

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