BoatWiki

BoatWiki.com

The Free Boating Encyclopedia

DefinitionsGuidelinesResources
FormsDatabasesBlogsProfiles

Participate TranslateAbout
LinkTermsPrivacyContact

— WikiTags —

Boat Title - Definition



BoatScope

The nation's premier boat history report with a full compliment of title search resources. Includes eight maritime databases all rolled into one convenient interface. A must-have service for any prospective buyer, marine lender, or maritime professional.

Visit Now

Advertisement

Owner Background Search

Criminal Records
Assets - Properties
Personal Details


Know your seller!

Sponsored by

BeenVerified

Boat Trust Ownership

WikiTagsWikiShare


BoatWiki - Definitions

Definition


A trust in boat ownership terms is a fiduciary arrangement where a trustee holds title on behalf of a beneficiary. The trust is not typically viewed as a legal entity in itself, but rather a binding agreement among the parties.

Meaning


Trusts are typically formed for financial planning purposes, to accommodate estates, to minimize taxes and in situations where the beneficiary is incapacitated. These are strictly regulated on the state level, although there may be some variations in their individual rules.

Context


Trust boat ownership is fairly common within the marine industry. In these cases, title is held in the trustee's name rather than under the trust or beneficiary's name. However, this may not apply in all jurisdictions. The USCG requires ownership of a documented vessel to be placed under the trustee's name, but requires a list of all beneficiaries. The citizenship status of the trustees and beneficiaries is also a matter of concern.

Conclusion


Holding ownership in a trust can have both legal and tax implications. Boaters who are unfamiliar with this kind of ownership may wish to seek professional assistance when involved in these situations.

Please assist your fellow boaters by wiki-sharing any comments or experiences regarding this subject.


Credits and References

8/30/2022 - Page initiated by Team BoatWiki.




Advertisement

BoatUS Towing


Float Your BoatWiki

Learn about the role you can play
in supporting the internet's most reliable
source of boating information.

WikiAlerts

Stay informed about urgent matters of
boater fraud and the latest changes in
 boat registration or safety regulations.

Advertisement

Advertisement

BoatUS Member


BoatWiki.com

A Division of Maritime Partners, LLC
State of Washington  USA
© Copyright 1998 - 2022 All rights reserved.