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.
Kansas Nominee Trust
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FAQ
Complexity and Cost Establishing and maintaining a trust can be complex and expensive. Trusts require legal expertise to draft, and ongoing management by a trustee may involve administrative fees. Additionally, some trusts require regular tax filings, adding to the overall cost.
Typically, a will must go through probate, a legal process that administers a person's estate after their death. This process can be lengthy, costly, and public. However, if you choose a trust, you can bypass this process, thereby keeping your estate private ? a useful strategy to avoid probate hassles.
You can create a living trust through two different ways: you can hire an attorney or you can use an online program. Hiring an attorney will cost you more than $1,000. If you choose to use the DIY approach, you'll spend a few hundred dollars.
Your assets, beneficiaries, or trust terms do not become public record. In contrast, a will must be probated and becomes public. Control is another primary benefit of a revocable living trust. During your lifetime, you remain in control of your assets.
Will: a legal document that directs who will receive your assets and property at the time of your death. Trust: a legal arrangement where a ?trustee? (someone you select) manages and holds title to your assets and property and distributes income to the beneficiaries that you select.
DISADVANTAGES OF A TRUST Most importantly, a trust will cost more than a last will at the initial stage of planning and you have to provide more information up front.
A declaration of trust, or nominee declaration, appoints a trustee to oversee assets for the benefit of another person or people. The declaration also describes the assets that are to be held in the trust and how they are to be managed. State laws have different requirements for the creation of a declaration of trust.
With a will you can do certain things that you can't with a trust. A trust lets you determine how certain assets are distributed after your death. A will allows you to account for property not included in your trust.
