The trust document spells out the rules of the road on how the property is to be held, managed and distributed. A trust document is also called a trust agreement, declaration of trust or a trust instrument.
InterVivos or Testamentary/ Revocable or Not
Trusts that are created under a will and do not come into being until you die, are referred to as “testamentary trusts.” Trusts created to be operative during your life, are called “inter vivos trusts.” These can be “revocable” or “irrevocable.”
With a “revocable” or “living trust,” the person ...
But when it comes to “legal” ownership of property and assets, the law often spells out who owns what. It’s important to follow the rules to protect your rights, because for many things, possession isn’t 9/10ths of the law.
Let’s look at some common examples:
JOINTLY HELD REAL ESTATE
Two sweethearts, Jane and John, pool their funds and buy a condo. They put Jane’s name on the deed (e.g. legal title) to avoid problems with potential business creditors of John. When Jane’s name is on the deed, she is the owner for legal purposes. She is legally respons...
As more and more people migrate their banking, purchases and private activities online, we become ripe for the taking by the unscrupulous. How can this impact my mother? Well let’s just follow yesterday’s headlines.
Over 6 million linked in passwords were posted online in China, for others to hack through. Why does it matter who can get to our linked in persona? Well it’s not to access our work history and resumes. It’s the value in a linked in password that is likely the same as the password we use for online banking and other valuable web venues.