WHAT IS LIVING TRUST ?
*The Living Trust, 100% registered in your name, is your pool of “legitimate” assets.
*Trust is the ‘guardian’ of you, your family and your assets.
* Trust is a way to transfer your property and assets to loved ones and heirs.
*When you create a Funding Living Trust, you are creating a separate legal entity to hold any property or thing of value you choose to put in it.
To change ownership of assets from an individual to a trust, they must be transferred, a process called funding.
It is a testament or tax avoidance instrument.
* Mortgages and commercial loans that you have or will receive with the trust are structured in accordance with Islamic faith-based financing and trade rules.
https://globalfinanceplatform.com/conversion/
*With the trust, your life and health insurance that you have or will have, and your other (car, home, commercial, workplace) insurances are structured in accordance with Islamic faith-based finance and trade rules. https://globalfinanceplatform.com/insurance-services/
*Thanks to the trust, you cannot share interest to the relevant credit-bank-insurance companies. You do not trade with interest.
*Since you have transferred your assets to the Trust with a contract, you become the ‘lessor’ of your assets.
*The trust pays rent and usage charges of registered assets, assets and loans – on behalf of a separate entity – to the respective entities.
*The credit-bank-insurance companies you have do not interfere with your application. All transactions are legally enforced.
* You can make all kinds of attractive investments. You will receive rental and trading income from the Trust as investment contracts and income will be recorded with the Trust. Your investments turn into faith-based practices.
* Trust is your “last testament”. You can update your will at any time.
* With trust, you determine the rules about which assets go to whom and how the assets are used.
* When you die, your assets and property are distributed according to the rules you set, or the ‘Living Trust’ continues on behalf of your family.
*You can create real estate-investment and insurance plans with confidence. Trust becomes part of it.
*You can have the life insurance cost deposited with ‘TRUST’ after your death.
*With Trust, you can create a trust fund for the future health and education costs of your family, spouse and children.
*You will have great tax advantages when transferring your assets to Trust Foundation.
* In any adverse event, the courts will deal with the Trust. You are under protection.
*One of the most important benefits of a trust is to avoid probate court.
*Some types of trusts help minimize taxes or qualify for government benefits.
How is trust established?
We have partners, attorneys, knowledge, experience and resources to handle trusts and properties with the highest level of professionalism.
We establish trust on your behalf very easily.
You fill out the application form. We create a trust document with the form information. With this form, you define your rules for the use and distribution of your assets.
This legal document contains all information about how the trust works, including the names of the trustee, trustee(s), beneficiaries, and all assets of the trust.
You transfer your assets with documents to your Trust.
The trust beneficiary receives the trust assets.
The trustee is appointed to manage the trust and has a trustee’s duty to act in the trust’s best interests. The trustee can be the same person as the issuer (the issuing trust), but can also be a lawyer, a financial institution, or anyone you choose. If you are the donor and trustee, a successor trustee is appointed to take over when you die.
Transferring mortgaged property into a trust
Under the Garn-St Germain Depository Institutions Act, For financial and estate planning, you can now transfer your house ownership into a revocable living trust with no fear of the lender accelerating the mortgage. You, of course, are still obligated to make the payments, but you no longer have to pay off the mortgage upon transfer.
Do you need to record your revocable living trust?
No. A revocable living trust is a private and confidential agreement between the person setting up the trust – the grantor, and the person who manages the trust – the trustee. The grantor has equitable title to the assets, while the trustee has legal title.
This trust agreement does not need to be recorded to be effective.
Transferring the property into the trust
Transferring real property into a revocable living trust is the same process as transferring real property to any other individual, business or entity. The grantor places the mortgaged home into the trust by properly executing a deed from the current owners to the trust. When transferring or accepting a property by deed, most people choose a warranty deed and a title search to ensure ownership of the correct parcel.
However, here you are transferring the property from yourself to your trust, and many grantors simply execute a quit claim deed. Local counties and municipalities recognize this conveyance as a family matter and charge only a recording fee for the deed, not the customary real estate transfer taxes. And while there is usually no legal requirement to record the deed, most people do so to preclude any future claims in the chain of title.
Do you need to tell the bank?
This depends upon your mortgage agreement and your state law. While the Garn-St Germain prohibits the bank from accelerating the mortgage, the language in your mortgage customarily speaks toward your obligations when you transfer an interest in the property.
The title to the property changes when the deed is executed. And while the trust may be obligated to pay the mortgage payments according to the trust documents, the bank does not relieve the original borrower from their obligations. Knowing that, some people just keep making payments on the property as if there were no change in ownership.
However, the more proper way is to notify the bank that the property has been transferred into a revocable living trust for estate planning purposes.
How will you generate income with your Assets and accounts registered in Trust?
After completing the establishment of the Trust in the scope and plan you want with the support of a lawyer, we open a Trust Account at the SCHWAP financial institution that we have a contract with (if you want). It invests all your assets on behalf of your LIVING TRUST (with professional experts and advisors). You transfer your assets to the Trust, you receive the transfer/lease/use investment/income/profit share from the Trust. You can review SCHWAP investment instruments. https://www.schwab.com/schwabsafe