A lot of people are surprised to learn that there are people who own more than one property. The fact is, the majority of your property is not yours alone.
The person you own may have a legal or family trust that owns your entire interest in the property. If you own more than one property, you may have multiple trust accounts. Even if you have only one trust account, the trust account that owns your entire interest in the property is liable for all of the actions of your trust. This is because the trust accounts are actually a single entity that holds all of your assets.
Two other individuals who are not owned by your property may have a family-owned estate that is owned by you and your family. If you own less than one property, then you can have a family-owned estate. If you own more than one, then you can’t. If you own more than one property, then you can’t.
In the case of the trust account, if your trust accounts are owned by different family members, you are all liable for the acts of your family members. That’s because your different family members are all liable for the acts of your other family members.
If your family owns property with multiple beneficiaries, they are all liable for the acts of all beneficiaries. Thats because they own the properties for all of your beneficiaries.
If your family owns three properties, then they are liable for the acts of all three. Thats because they are holding all of the properties for all of your beneficiaries.
In the event that there’s no other family member or beneficiary, that person is liable for the acts of the other family member.
If your family has a property with multiple beneficiaries, they are all liable for the acts of all beneficiaries. That’s because they own the properties for all of your beneficiaries. If your family owns the property for everyone except your beneficiaries, then they are liable for the acts of all beneficiaries.
This is a very important rule. If your family owns the property for everyone except your beneficiaries, then they ALL must be liable for the acts of ALL beneficiaries.
This is a little bit more complicated. If you have a non-monetary interest in property that is owned by someone other than your family, you have an unlimited liability. You can also have an unlimited amount of liability if your family owns more than one property.
