Dividing Assets and Property
Having what's known as a living trust can help determine how difficult-to-divide assets should be split up. In the case of real estate, for example, a living trust can be highly advantageous. With a house, a living trust offers more control than a will in spelling out how such property should be transferred after the grantor's death. A living trust can detail who inherits the property, as well as who has the right to use it and under what conditions; whether the property can be sold, and if so, how the proceeds should be distributed; and how the inheritors of the house can buy each other out if they choose to do so. This way a grantor can ensure that each beneficiary receives equal access to the property. Other assets that could be placed in a trust might a boat or a car that are intended to be used by all of the beneficiaries, or any other property that the grantor might want them to share.