What is mean to put a property under a trust ?

Question

My husband and I am thinking to put our flat under a trust. Who should we contact? If the flat under a trust, can we sell it later? Can we live there if we want to? The flat has a mortgage and we plan to rent it out since we are moving to abroad.

The flat is in London.

Answer 1

there are attorneys who specialize in that. You may also be able to go to one of those 'paralegal' businesses.

you should be able to specify who has control of the trust, and they can sell it if you wish.

Answer 2

When you create a trust, you set up a legal entity that is able to hold title to property. Most trusts are revocable and the property is held in the name of the trustee. You literally deed the property over to the trustee of the trust and the trustee is obligated to carry out the terms of the trust that you specifiy when you set it up. You can give the trustee power to sell, rent, lease, encumber or modify the property as you state in the terms of the trust. Many trusts are set up so that you become the trustee of your own trust. This is the typical revocable living trust. If you set up an irrevocable trust, then you would have a third party trustee and the terms would not be changeable. They would be fixed according to the original terms at the time of execution. The revocable can be modified by the trustor, you, at any time during your life while you maintain oversight control of the trust. The primary benefit of the trust is to avoid probate court at the time of your death. The trustee is authorized to dispose of the property according to the terms of the trust. There are also some tax benefits.
Please talk to a trust attorney in your area for details. You can read up on the subject by visiting your local legal book store and buying materials from Nolo Press and/or other publishers.

Answer 3

Seek legal advice. Since you used the term "flat," I'm not sure if you're American or not. British property law may be significantly different from American property law.

A trust means to put property "in trust" in the hands of a trustee. There are a number of different types of trusts used for different purposes. Most of them are used to avoid tax liability when property is passed from one generation to another, or to protect personal assets from "spendthrifts" who would otherwise spend too much money.
Trusts are generally expensive because they cost time and money to create, AND cost time and money to manage. You generally have to hire a trustee to manage the assets of the trust. They take a percentage of the revenue/assets of the trust for their services.
The answer to your questions: re: selling or living, depends upon the nature of the trust agreement and who the trustee is.

Why do you want to place the property in trust? It sounds like you just want a property management company to manage your flat, deal with tenants, etc, and send you a portion of the rent while you're abroad. That doesn't require a "trust" per se, just a contract. I would suggest that you engage an attorney for any such negotiations with a property management company. Good luck.