Assignment of Beneficial Interest in a Trust

What is the Assignment of Beneficial Interest in a Trust

There are various advantages that are there when a person holds a property in a trust and not in the name of a person. This helps in easing the transfer of the interest. This is a great tool for those people who are investors in real estate. There are a number of advantages for Assignment of Beneficial Interest in a Trust. The advantages are that it helps with taxation, it helps to ensure that there is a steady income flow for the assignees. The easing of transfer of interest is done with the help of an Assignment of Beneficial Interest in a Trust. In this kind of a document, no notary or witness or public recording is needed.

In this Assignment of Beneficial Interest in a Trust the assignor assigns all the assignees interests in the trust as a beneficiary. All the money that is due to the assignor is then to be paid to the assignee by the trustee of the trust. This is normally done because the beneficiaries are young or are minors. It is also done so that the assignor can rest assured that his progeny especially if the beneficiaries are not of sound mind, are able to have a sustained income for themselves even after the death of the assignor. In this the trustee is one who takes care of the property on behalf of the beneficiaries and sees that they are well cared for. This is done in exchange for some sort of remuneration.

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ASSIGNMENT OF BENEFICIAL INTEREST IN TRUST

THIS ASSIGNMENT is made this ______ day of March, 2000, by _____________________________, whose address is __________________________________  (hereinafter referred to as “Assignor”), to ___________________________________________,  whose address is ____________________________________________, (hereinafter referred to as “Assignee”).

WITNESSETH:

WHEREAS, the Assignor is a beneficiary of the _____________________ LAND TRUST created by ____________________(Beneficiaries), by instrument dated March _____ 2000, naming ____________ as Trustee; and

WHEREAS, the Assignor desires to assign to the Assignee all of Assignor’s beneficial interest in the trust; and

WHEREAS, the trust instrument does not prohibit such assignment;

NOW, THEREFORE, for valuable consideration, the receipt of which is hereby acknowledged, the Assignor hereby assigns to the Assignee all Assignor’s interest as a beneficiary of the Trust, including all monies due or to become due to the Assignor there under; and

The Assignor authorizes the Trustee of the Trust to pay directly to the Assignee all monies or other benefits representing, or arising from, the interest assigned hereby.

IN WITNESS WHEREOF, the Assignor has executed this assignment the day and year first above written.

Signed, sealed and delivered in the presence of:

__________________________________        __________________________________
WITNESS                        (Beneficiary)

___________________________________
(Beneficiary)

Accepted by:  ________________________________
TRUSTEE

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ACKNOWLEDGEMENT
STATE OF ______________}

COUNTY OF ____________    }

Before me, a Notary Public, on this day personally appeared __________________, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same for the purpose and consideration therein expressed.

Given under my hand and seal of office this _____ day of __________, 20____.

__________________________________
Notary Public, State of _______________

STATE OF ______________}

COUNTY OF ____________    }

Before me, a Notary Public, on this day personally appeared __________________, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the same for the purpose and consideration therein expressed.

Given under my hand and seal of office this _____ day of __________, 20____.

__________________________________
Notary Public, State of _______________

ACKNOWLEDGEMENT

STATE OF _____________    }

COUNTY OF ___________    }

This instrument was acknowledged before me on the ____ day of __________, 20____, ____________________________, as TRUSTEE.

____________________________________
Notary Public, State of _________________

THIS DOCUMENT SHALL NOT BE RECORDED IN THE PUBLIC RECORDS
OF ANY COUNTY