A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Indiana Nominee Trust
Description
How to fill out Nominee Trust?
Selecting the correct legal document format can be quite challenging. Obviously, there are numerous templates available online, but how can you find the legal form you need? Utilize the US Legal Forms website. The service offers a vast array of templates, including the Indiana Nominee Trust, which you can use for business and personal purposes. All of the documents are reviewed by experts and comply with state and federal regulations.
If you are already registered, Log In to your account and click the Download button to access the Indiana Nominee Trust. Use your account to browse through the legal forms you have previously acquired. Go to the My documents section of your account and get another copy of the document you need.
If you are a new user of US Legal Forms, here are simple steps you can follow: First, ensure you have chosen the correct form for your city/county. You can review the document using the Preview button and read the document description to confirm it is suitable for you. If the form does not meet your requirements, use the Search field to find the right form. Once you are confident that the document is appropriate, click on the Purchase now button to obtain the form. Select the pricing plan you prefer and fill in the necessary information. Create your account and complete the transaction using your PayPal account or credit card. Choose the file format and download the legal document to your device. Fill out, edit, print, and sign the downloaded Indiana Nominee Trust.
- US Legal Forms is the largest repository of legal documents where you can find a variety of file templates.
- Utilize the service to obtain professionally crafted documents that comply with state requirements.
Form popularity
FAQ
What Happens When the Grantor Dies? When the grantor of an irrevocable trusts dies, the person named successor trustee in the Declaration of Trust assumes control of the trust. The new trustee distributes the assets placed in the trust to the proper beneficiaries.
Disadvantages of an Irrevocable Trust You will give up much more control over your financial affairs. Additional tax returns may need to be filed for the irrevocable trust, which can add cost and complexity. Irrevocable trusts may be more difficult to create and are nearly impossible to modify.
In a Nominee Trust the beneficiaries direct the trustee and may even serve as the trustee. Also, unlike an irrevocable trust, the beneficiaries of an NT may terminate the trust at any time and take full ownership of the trust property as tenants in common.
Unlike a real trust, where the power and duty to appropriately control the trust property lies with the trustee, in a nominee trust the beneficiaries actually retain all decision-making power. In fact, the trustee is really just an agent of the beneficiaries, who essentially act as the principal.
For most people, a will is sufficient for their estate planning needs, but you may want to use a living trust to keep your estate out of probate and give your beneficiaries access to what they're entitled to as soon as you die. On average, it will cost more to create a living trust than a simple will.
For a trust to be valid in Indiana, the settlor must live in the state or have property there; or the trustee must live in the state or do business there. When you create a living trust in Indiana, the assets owned by the trust do not go through probate after your death.
At your death, the successor trustee distributes the assets to the beneficiaries named in the trust without Court intervention or the probate process, just as if all of your assets were in a single pay on death account.
An irrevocable trust offers your assets the most protection from creditors and lawsuits. Assets in an irrevocable trust aren't considered personal property. This means they're not included when the IRS values your estate to determine if taxes are owed.
