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The trustee holds the legal interest in the property according to the terms of the trust. The trustee may mortgage the property if that power was granted in the trust instrument.
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∙ 15y ago
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How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
Why would one work with a revocable trust?
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Who owns a trust?
A trust isn't something that is owned. A trust is a legal arrangement by which one entity holds legal title to property for another. The grantor of trust, or the entity that created the trust, may think in terms of owning the trust in the case of a revocable trust, however, the title to the trust property is always held by the trustee.
Is a revocable trust made in one marriage valid in a subsequent marriage?
A trust stands apart as an entity holding property and remains valid after a divorce. The trustee of a trust holds title to the trust property for the benefit of the beneficiaries named in the trust document. If a former spouse is named as a beneficiary the trust should be amended if the trustor wishes to make the present spouse a beneficiary instead.
Can one person in a married couple place their half of a personal residence into a revocable trust?
If the property is held as tenants by the entirety the answer is no. If not held as T by E then you should consult with an attorney in your area who specializes in the law of real property.
How does one retrieve property from a revocable trust?
I would first start with probate court, and ask them what to do in your local state. Then I would go and find yourself a lawyer so you can start the process.
Can a irrevocable trust become revocable if the only trust document is a will?
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
Is a trust considered a marital asset in a divorce action?
If the trust is revocable and one party is the trustee it is not a marital asset for division in a divorce proceeding
If a property is held in tenancy in common and they divorce how is that effected?
One way to remove one or the other person off the deed of trust, is to refinance the loan.
What is an irrivocable trust?
Revocable TrustsA revocable trust is one where usually, grantor/trustee/beneficiary are the same person. It can be revoked or amended any time until the person's death.Upon death the trust property bypasses probate and assets are distributed to the heirs.ClarificationA trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life. Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.
Can one trustee get a loan on property in trust without the signature of the other trustee's knowledge?
bank mortgage was never recorded with the county. what happens
What is a non revocable trust fund?
An irrevocable trust is one in which the settlor (or creator) of the trust does not retain any control of the trust, and thus the trust cannot be amended. The reason that an individual would chose to create an irrevocable rather than revocable trust is that the money cannot be touched by creditors or anyone else. There are also money-saving benefits to the creation of an irrevocable trust primarily relating to probate fees and taxes.
