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Updated over 4 years ago,
Trusts-please help me understand them
Can you please help me figure out trusts?
1) Trustee is the person who owns an assets and deeds this asset to the trust. Correct? So for simplicity, lets say there is a single family house that is paid off and it produces 1K per month, that I deeded to the trust
2) Trustee is the third party, non related to me. So, lets say I die, and want my child to get this 1k per month, then this trustee makes sure that happens. Trustee could be my attorney, could be a CPA, could be my neighbor, anybody who I trust but that person/entity does NOT own that asset/property, correct?
3) Beneficiary would be in this case my kid, who is collecting the 1K rent from the asset that the trust holds, correct?
4) When I file trust , I do not have to disclose the addresses or names of trustee/beneficiary/trustor, is that correct? Whose name do I absolutely have to disclose to the general public/assessors office?
Thank you!