Right of Occupancy Trust

Right of Occupancy Trust

The goal of estate planning is to safeguard you and your loved ones. When a loved one who may need more help after your death is present, this can occasionally be a challenging task. Even though you might want to give this person everything you have, you might not want to do so at the expense of other people you care about. You can prepare for this situation as it relates to property use and ownership by establishing a right of occupancy trust.

What is a right of occupancy trust?

You can choose a beneficiary to live at your home or utilize another piece of property for a predetermined amount of time, or until the beneficiary passes away or vacates the property, using a right of occupancy trust.

What issues can a right of occupancy trust handle?

  • It’s crucial to consider these issues before putting this method into action to make sure that your
  • Is the real estate’s tangible personal property — such as the furniture, appliances, trinkets, etc. — included?
  • Will the beneficiary be responsible for paying the beneficiary’s administrative charges, state and local taxes or assessments, utilities, property insurance, and mortgage payments, or do you want to set aside money for them?
  • Does the beneficiary have to reside there permanently if the property contains a home?
  • Can the beneficiary permit a new spouse, friend, or roommate to dwell there?
  • Does the beneficiary have the right to use the home indefinitely, or does something else (such getting remarried, entering a long-term care facility, etc.) end their use of it?

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

When you need a Lawyer, contact this law firm:

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West Jordan UT 84081
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https://www.parklinlaw.com/
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Location: West Valley City, UT, USA

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