- Estate Planning
- Wills and Trusts Lawyers
- Purpose and Application of Trusts
- People Owning Property Difficult to Divide
Wills and Trusts:
Trusts allow you to transfer property that is hard to divide evenly among several beneficiaries. If you have a beach house and three children who want to use it, a trust can outline guidelines for the house. You can pass this property to the children in a trust that sets each child’s right to use the house; outlines procedures to prevent conflicts; requires that the trustee divides the proceeds when the property is sold; and establishes a procedure where any child can buy out another’s interest in the house.