Establishing a trust or will Coursework Example | Topics and Well Written Essays - 250 words

Establishing a trust or will - Coursework Example A land trust enables an owner to transfer their real-estate property to a trust, but maintain their ownership while a family trust would ensure the owner separates his personal property from the real property and ease transfer to the next generation (Glencoe/McGraw-Hill, 2003). However, the owner faces a dilemma in securing appropriate and requisite contracts in both trusts to ensure ownership when alive and safe transfer to her next generation when she dies. A severalty ownership of both trusts ensures she remains the sole owner of her property in order to eliminate any problems and challenges the property may encounter (Evans & Evans, 2007). A bailment will ensure the transfer of ownership to another party (trustee), but retain ownership because trusts are revocable. Since property consists of land, both tangible and intangible property, bailment is appropriate for intangible property not limited to, title deeds, meeting rules, bank documents, written orders and endorsements (Evans & Evans, 2007). It is necessary to give a gift for transfer of property to the next generation. However, an inter vivos gift ensures transfer of property when both parties are alive while a gift in causa mortis ensure transfer of property to beneficiaries in case of her demise (Evans & Evans,