Posts tagged with "Trust"

WHAT IS A TRUST?

By: Undisputed Legal Inc./Court Service Department

A trust is a legal instrument used to hold and manage real property and tangible or intangible personal property, for example, antiques (tangible personal property) or the right to royalty payments (intangible personal property). Putting property in trust transfers it from your personal ownership to the ownership of a legal entity called a “trust” which holds the property for your benefit or the benefit of anyone else you might name. Upon transfer, the law looks at these assets as if they were owned by the trust. Many trusts are set up in wills, and take effect upon death. Others can be established while you are still alive. 

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Who gets my property if I die without a will?

By: Undisputed Legal/Court Service Department

By not leaving a valid will or trust, or by not transferring your property in some other way before death, you’ve left it to the law of your state to write your “will” for you. In the absence of a will, the law of your state has made certain judgments about who should receive a decedent’s property. Those judgments may or may not bear any relationship to the judgments you would have made if you had prepared a will or executed a trust.