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What if a trustee dies and the property in trust is under loan?
Wiki User
∙ 13y ago
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYou must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
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What will happen if the trustee to a property dies and he hasn't named another trustee nor allocated funds to beneficiaries under the contract?
Trust law is extremely complicated. You need to have the trust document reviewed by an attorney who specializes in trust law. She/he can advise you concerning what your options are for having a successor trustee appointed.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
What happens if a person dies leaving credit card debts and they have placed all their property into a non-revokeable trust?
The Trustee of the Trust is responsible for paying the debt out of the trust funds.
Can you sell a real estate property titled in trustee after owner dies?
Can you sell a real estate property titled in trustee after mother and father dies
Trust deed leaves property to 4 adult children Both parents have now passed away If one of four dies who would receive their share?
A trust deed conveys property to a trustee who then holds title to the property according to the provisions of the trust. You need to examine the provisions of the trust document to determine who the beneficiaries are. If the house is the only property in the trust you need to read the actual trust document to determine who the beneficiaries are as recited in the trust document. That trust document controls what the trustee may do with the property and who will inherit a deceased beneficiary's interest. If the trust doesn't mention what will happen if one of the siblings dies then perhaps the trust gives the power to the trustee to convey the property by a deed TO the four siblings. You could then decide how it will be held by the four of you. If the trust states the property should ge distributed to the four children upon the death of the parents then the trustee can convey the property to the four children by deed. If that deed recites that the grantees will hold the property as joint tenants with the right of survivorship and one dies, her share will pass to the remaining siblings. If that deed recites that the grantees shall hold as tenants in common and one dies, her share goes to HER heirs. Therefore, if you get a deed from the trustee passing title to you then you can decide for yourselves how title will be held. If the trust doesn't give the trustee the power to sell then the trust will need to be modified by judge so the property can be conveyed to the heirs. In any case, you should seek legal advice from a probate/real estate attorney to straighten this matter out for you. This situation is subject to your own state laws.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Can a trustee change the distribution of a trust after the other trustee dies?
No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.
Does the trust end or must a new trustee be appointed if there are two trustees one of them also being the beneficiary and the other one dies?
You need to review the terms of the trust to determine how a new trustee must/can be appointed. A beneficiary/trustee invalidates a trust in many jurisdictions and may make the trust property vulnerable to creditors. You should contact the attorney who drafted the trust.
What happens when someone dies with a house titled to a trust and with a mortgage?
The decedent didn't own the property if it was transferred to a trust. The property is owned by the trust and is managed by the trustee. You need to review the terms of the trust to determine how the property will be handled or distributed. If you still have questions you need to consult with an attorney who can review the trust and explain your options.
Who does the estate belong to after the trustee dies?
You mentioned an estate and a trust. I assume the estate was transferred to a trust upon the death of the testator.You must review the terms of the trust to determine if there is a provision for the appointment of a successor trustee. The provisions set forth in the document that created the trust are the only rules that can be followed in managing the trust property. They spell out the powers of the trustee and should address every situation. The trust owns the property and manages it through a human being, the trustee. If there are no provisions for terminating the trust or appointing a successor trustee then a court must create those powers via a court order. You should consult with an attorney if you need expert help in interpreting the trust.
Is there such a thing as a contingent trustee in a living revocable trust?
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
