02/09/2021 by balloubedell 1 Comment
Do you own property with other family members? Consider a Realty or Nominee Trust
Many people own property with family, such as a vacation home with other siblings. Most people own these properties in their own name, needlessly subjecting themselves to probate at the death of any owner. The perfect solution is something called a Nominee Trust (also often referred to as a Realty Trust). This is a very special trust that allows the beneficiaries not the trustee to be in control of the Trust. The ownership share would be reflected in the Trust. If you own half now, you would still own half of the trust, which would own the house. But, all owners would now enjoy the probate avoidance of a Trust. Better yet, you and your siblings will all share in the cost of the trust, making it a great value. You can even name a beneficiary of your share if you pass.
A Nominee Trust is also the perfect vehicle if you don’t want anyone to know you own the property. A third party could be the trustee so they are on the public record, not you. But again, that trustee has absolutely no control over the property without your direction.
If probate avoidance or privacy is a concern, consider a Nominee/Realty Trust
– Kathryn Bedell, Esq.