What Is a Property Control Trust?
A property control trust is a form of irrevocable trust set up to manage and control the disposal of an estate or property. The trust is used to guarantee that the wishes of thetrustor are carried out after death or incapacity by controlling the disposal of their property. Under this type of trust, a trustee is appointed to manage and control the trust assets, while the trustor and beneficiaries can still benefit from the trust assets during their lifetime.
Benefits of a Property Control Trust
One of the main benefits of setting up a property control trust is the ability for a trustor to control the distribution of their assets. Unlike a revocable trust, a property control trust is an irrevocable trust, which means the trust cannot be changed after it is set up. This can ensure that a trustor’s wishes are carried out and that their estate is distributed according to their wishes. Additionally, since the trustor and beneficiaries can still benefit from the trust assets during their lifetime, individuals have the ability to keep their estate intact.
Examples of When to Use a Property Control Trust
A property control trust is a great way for individuals to ensure that their estate or property is distributed according to their wishes after their death or incapacity. This type of trust can be beneficial for individuals who want to provide for their dependents, or those who have minor children or those with special needs. Additionally, it can be useful for those who want to maintain control over their estate even after death or incapacity. Property control trusts can also be beneficial for individuals who want to reduce or eliminate taxes on their estate.
Conclusion
A property control trust is a useful tool for individuals who wish to maintain control over their estate and ensure that their wishes are carried out after death or incapacity. By setting up this type of trust, individuals can ensure that their estate remains intact and that it is distributed to their beneficiaries according to their wishes. This type of trust can be beneficial for individuals who wish to provide for their dependents, or those with special needs.