Property TrustsProperty trusts can hold most types of property. The property can be tangible or intangible. The trust can be created in writing, orally, by court order or be a testamentary will.

In a property trust, the property is managed by one person (or organization) for the benefit of another person (or organization).

Property trusts can be used for will and estate planning, tax planning, protection of beneficiaries and charities. Protection is for beneficiaries who are unable to handle money. This comes into play especially if the beneficiaries will be small children. In regards to charities, some charity structures do require the use of trusts.

You will need to work with your attorney when setting up your property trust. Every situation is different and your attorney can clarity the details for you.