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The trust agreement is the foundation of your trust. It’s the legal document that establishes the trust and outlines how your assets should be managed and distributed.
This document must be drafted carefully, often with the help of an attorney, to ensure it is legally binding and reflects the grantor’s intentions.
For a trust that includes real estate, property deeds are crucial. These documents legally transfer ownership of the real estate from the grantor to the trust.
Once the property is transferred to the trust, the trustee gains the authority to manage or sell the property according to the terms of the trust.
The Certification of Trust is a shorter version of the trust agreement. This document provides proof that the trust exists without revealing the sensitive details found in the full trust agreement.
It helps keep certain details private while still allowing business transactions.
A Schedule of Assets lists all the assets that are being placed into the trust. This can include real estate, bank accounts, investments, personal property, and other valuable items.
Without properly documenting and listing these assets, certain items may not be protected by the trust, leaving them exposed to probate.
A Trustee’s Affidavit is a legal document signed by the trustee to certify that they have the authority to act on behalf of the trust.
This affidavit is often requested by banks, title companies, or real estate professionals to confirm the trustee’s legal standing.
While not legally binding, a Letter of Instruction is a useful companion document for your trust. It provides informal guidance to the trustee and beneficiaries on how to manage certain aspects of the trust.
This document can be personalized to ensure your desires are communicated, making it easier for trustees to fulfill your wishes.
Although this is not strictly part of the trust, having a Financial Power of Attorney is important if you become incapacitated and cannot manage your finances.
A well-prepared trust combined with a financial power of attorney ensures your financial life is fully managed.
If you’ve created a revocable trust, meaning you can make changes during your lifetime, you may need a trust amendment document.
A trust restatement can also be used to rewrite the trust without creating an entirely new one, maintaining the same trust name and avoiding new transfers of property deeds.
Setting up a trust requires careful attention to legal documents, particularly when real estate and significant assets are involved. At Dorsey’s International Realty, we know how critical it is to have the right documentation in place, especially if you are managing or planning for probate or estate transfers.
If you’re considering establishing a trust or need assistance with real estate transactions involving trusts, contact us. We’ll ensure your property is handled with care and professionalism.
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