Trust property is wealth producing objects managed by an organization for the benefit of the settlor. The senior (settlor) contracts with an organization who assigns the management of the property to a trustee.
Trust property comes in many differing forms. Some examples of trust property include:
1. real property this is immobile and typically land
2. personal property this is mobile
3. intangible property an example would be securities
The contract (trust) stipulates that the organization (trustee) will be entrusted with the management of the seniors (settlor) property.
The organization contracted with the settlor (senior) to manage the property , has the responsibility of making decisions that will benefit the settlor. Typically the senior will outline the goals and expectations in the contract to help the trustee produce the most favorable results.
Home Care Path http://www.homecarepath.com/ encourages seniors to consult with independent financial legal council prior to entering in to a trust contract.
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