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Accounting /Trusts in Real Estate

Trusts in Real Estate

Accounting9 CardsCreated 2 months ago

This deck covers key concepts related to trusts in real estate, including types of trusts, roles involved, and benefits.

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A special relationship called a fiduciary relationship that is created between the trustee and the trustor

Trust
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Key Terms

Term
Definition
A special relationship called a fiduciary relationship that is created between the trustee and the trustor
Trust
The person who creates the trust
Trustor
The person who carries out the trustor’s wishes.
Trustee
A ______ is created during a person’s lifetime and is often used when minor children are involved. The property may be placed within the trust for their use in their lifetime or when they reach the age determined by the person who creates the trust. In the meantime, the trustee will manage it for them according to the terms of the trust. A ____ differs from a living will in that it is established to convey property, whereas a living will is created to dictate terms of care in the event the trust maker becomes incapacitated.
Living Trust
A ___ is one created according to the terms of the will of a deceased person. Unlike living trusts, testamentary trusts do not avoid probate.
Testamentary trust
Benefits of establishing a living trust
You retain control of your assets. Upon your death, a trust can be settled very quickly. The trust remains a private family document. You can designat...
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Trusts in Real Estate
TermDefinition
A special relationship called a fiduciary relationship that is created between the trustee and the trustor
Trust
The person who creates the trust
Trustor
The person who carries out the trustor’s wishes.
Trustee
A ______ is created during a person’s lifetime and is often used when minor children are involved. The property may be placed within the trust for their use in their lifetime or when they reach the age determined by the person who creates the trust. In the meantime, the trustee will manage it for them according to the terms of the trust. A ____ differs from a living will in that it is established to convey property, whereas a living will is created to dictate terms of care in the event the trust maker becomes incapacitated.
Living Trust
A ___ is one created according to the terms of the will of a deceased person. Unlike living trusts, testamentary trusts do not avoid probate.
Testamentary trust
Benefits of establishing a living trust
You retain control of your assets. Upon your death, a trust can be settled very quickly. The trust remains a private family document. You can designate assets to specific beneficiaries.
A ____ is similar to other trusts except that it is formed specifically to hold real estate—real property is the only asset within the trust.
Land Trust
Usually the person who establishes the trust (the trustor) is also the
Beneficiary
The benefits of such of establishing a land trust:
Privacy: The identity of the trust owner is not made public. Ease of conveyance: A beneficiary interest in the land can be conveyed without having to go through the formality of a deed.