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.