In most states a certificate or memorandum of a trust agreement which conveys or entrusts an interest in real property may be recorded with the land records clerk of the appropriate county in lieu of the entire trust agreement. The certificate must be executed by the trustee and it must contain the following: (a) the name of the trust; (b) the street and mailing address of the office, and the name and street and mailing address of the trustee; (c) the name and street and mailing address of the trustor or grantor; (d) a legally sufficient description of all interests in real property owned by or conveyed to the trust; (e) the anticipated date of termination of the trust; and (f) the general powers granted to the trustee.
South Carolina Certificate or Memorandum of Trust Agreement
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FAQ
A trust agreement is a document that allows you (the trustor) to legally transfer the ownership of specific assets to another person (trustee) to be held for the trustor's beneficiaries.
A certificate of trust ? also called a ?trust certificate? or ?memorandum of trust? ? is a legal document that's often used to prove (or ?certify?) a trust exists and to provide information about its important terms.
Once a declaration of trust has been executed, subsequent declarations can be issued to confirm current terms or amend the existing agreement. Depending on the jurisdiction, the declaration of trust can also be referred to as a trust agreement or a trust document.
Creating a living trust in South Carolina involves creating a written trust document and signing it in front of a notary. The trust is not final until you transfer assets into it.
The document or statement also contains details of the trust's purpose, its beneficiaries, and how it will be managed by the trustee. The declaration of trust is sometimes referred to as a nominee declaration.
Personal trusts are further divided into either 1) Under Declaration of Trust (U/D/T) meaning the grantor and the trustee are the same person and the grantor controls the trust assets, and 2) Trust Under Agreement (U/A) meaning the grantor and the trustee are different persons and the trustee controls the trust assets.
Alternatives to using a deed of trust Alternatively, if there are four or fewer beneficial owners then you could use an agreement under hand (a normal agreement that does not have to be witnessed) called a tenants in common agreement. As far as ownership is concerned, this has the same effect as a declaration of trust.
A Trust Certification gives a Trustee the ability to provide anyone who needs it (think: financial institutions or other third parties) important information about the Trust - like the date it was formed, the legal/formal name of the Trust, who the Trustee is (or Trustees are) and other information institutions may ...