Things You Need to Know About the Title Holding Trust
Our home is undoubtedly one of the many investments and properties that we deeply care about and that we want our successors to cherish. That is why it is important that we know how we can protect it from being seized. One of the best ways to do this is through a title holding trust. However, in order to properly structure this type of asset protection plan, it is important to understand its concept first. This is where The Big Apple Title & Trust Inc. can help you! We have all the technical know-hows of applying for title and trust—especially the legal aspects which these policies entail in the state of Florida.
What is a Title Holding Trust?
The Title Holding Trust is an affordable and stress-free asset protection strategy utilized by real estate investors to buy and hold legal title to real estate or personal properties. Under the terms of a trust agreement, the trustee of a Title Holding Trust claims title to the real estate or personal property while the beneficiaries of the Title Holding Trust retain 100% of the ownership rights. Thus, the trustee simply holds legal title to the property and the beneficiary has the power of direction. And, the trustee cannot act without the written authorization of the beneficiary.
Who Can Benefit from a Title Holding Trust?
Anyone can utilize a Title Holding Trust—may it be an individual, a group of individuals, partners, companies, or corporations.
Terms of Property Management
Having the power of direction, the beneficiaries manage the property or hire property managers to oversee the property on their own behalf. The beneficiaries will also be responsible for collecting the rent or income and paying the expenses. The beneficiary will be the one to insure, develop, finance, and lease or sell the real property as deemed appropriate.
Fully Revocable
The Title Holding Trust is a fully revocable grantor trust. It can be withdrawn or supplemented with additional real estate or personal property any time.