2006-09-12 02:04:49 · 2 answers · asked by ptrcmaier 1 in Politics & Government ➔ Law & Ethics
Trusts are state issues.
2006-09-15 11:17:37 · answer #1 · answered by Pokie 2 · 0⤊ 0⤋
Trusts are going to be defined under the state laws.
You have solid two options. Go to the state's website, and find the relevant laws (statutes) that govern trusts, or find an attorney licensed in NC to answer your questions. You can also try taking advice off the web, from non-attorneys, but that's risky.
The basics of Trust law are the same in most states, even though the details vary. A private (personal) trust is created when the grantor (the person who originally owned the property) places the property into a trust, and designates a beneficiary and a trustee. The grantor can be either of these roles, but not both.
The trustee holds legal title to the property, and is responsible for managing it. The beneficiary holds what is called equitable title, and receives the benefits (income, etc.) of the property. The trust document itself defines how the trust is structured, who gets what for how long, and any limitations that can apply.
The rest are details that vary by state, and by how the trust is created.
2006-09-12 12:45:03 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋