This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property In A Trust In Nassau
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State:
Multi-State
County:
Nassau
Control #:
US-00123
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Word;
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FAQ
The Bahamas trust law is codified in the Trustee Act and provides for broad reserved powers in favor of the settlor without invalidating the trust or causing a trust created inter vivos to be treated as a testamentary trust.
Grantors opting for these trusts lose their ownership rights to the assets within them. They lose the ability to decide how to manage or sell these assets.
In most situations, one would typically want to maintain full control of personal property assets. As a result, few would use this type of trust planning for personal property. An exception might be an heirloom of great value that spends most of its time in a safe deposit box.
Trusts also can be very useful for asset protection purposes if the creditors of the beneficiary are prevented from reaching the trust's assets. A trust can be an effective way to place assets outside the reach of creditors.
Often, a Trust will be created along with a Will, which stipulates how holdings of the Trustor are to be distributed. Trusts can cover assets like real estate, but there may be other valuables that need to be transferred too. These valuables are known as Personal Property.
Trusts offer amazing benefits, but they also come with potential downsides like loss of control, limited access to assets, costs, and recordkeeping difficulties.
When you buy a home, you may have the option of buying it in a trust. Legally, that means the trust, rather than you, owns the home. However, you can be the trustee of the property and have significant control over it and what happens to it after you die.
Rigidity: Family trusts are often inflexible, making it difficult to alter the terms once they are established. This rigidity can be problematic if family circumstances change, such as in cases of divorce, remarriage or changes in financial status.