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After a paid off Chap 13 in CA what exactly does the final audit by the trustee consist of and when finished can you sell a property?
Wiki User
∙ 19y ago
It's a standard procedure ensure everything was done properly. Such as all payments were made on time and disbursed accordingly. Once the 13 is properly discharged there should be no problem in selling property.
Wiki User
∙ 19y ago
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Is it mandatory for trustee to sell principal residence?
If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.
Does a settlor have to execute a deed to add property to an existing trust?
Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.
What interest does a named trustee have in property given for the use of others?
The trustee has no personal interest in the property. The trustee holds interest as a trustee only and must manage the property according to the terms of the trust and only according to the terms of the trust.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
Can a trust's property be taken if one of the trustees has a judgment against him?
A judgment against the trustee in his individual capacity will not affect the trust property. A judgment against the trustee as the trustee will become a lien on the trust property.
How can you buy your grandfather's property from a trust?
You need to contact the trustee of the trust and ask about purchasing the property. The trustee has only those powers outlined in the trust document. The trustee must have the power of sale in order to sell the property to you.
Can a trustee get a loan on the property held in trust to pay off heirs?
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
Can one sell property after the trustee has indicated what assets must be liquidated?
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
Can you sell land out of a revocable trust?
Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
Do you have to appoint a trustee if you have an executor?
No, an executor manages a person's estate after they pass away, while a trustee manages assets placed in a trust. If there is no trust established, there is no need to appoint a trustee. However, if a trust is part of the estate plan, a trustee will need to be appointed.
