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Should you use a grant deed or a quitclaim deed to transfer property into a living trust?
Wiki User
∙ 13y ago
In certain jurisdictions, a grant deed should be used to transfer property, whether it be to a living trust or otherwise. If the property is in California, a Trust Transfer Deed is the preferable method.
In many jurisdictions a quitclaim deed would be fine. It would convey all the interest owned by the grantor. You must check with a local real estate attorney to determine the correct practice in your jurisdiction. Deeds should always be drafted by a professional.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYou must review the document that created the trust. A trustee is the person who is appointed in a properly drafted trust to act on behalf of the trust. If the power to sell real estate is provided in the trust then the trustee can transfer the property by a quitclaim deed. If there was no such provision set forth in the trust document then the parties must seek a court order to make any transfer of trust property.
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Can a living trust override a Quitclaim deed in Oklahoma?
It's certainly a possibility. Quitclaim deeds are the most risky way to transfer property. They do not guarantee that the person transferring the property has clear title or the legal right to take the action making such a transfer open to legal challenge.
Could a Living estate over ride a quick deed?
If the owner of property conveys that property by a quitclaim deed while they still own it then they no longer own the property. It is now the property of the grantee in the deed.
Who is grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Who is the grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
How do you use a living will to transfer property?
You cannot use a living will to transfer property. A living will is a document you execute that allows someone the authority to make medical decisions on your behalf if you are unable to make those decisions yourself.You cannot use a living will to transfer property. A living will is a document you execute that allows someone the authority to make medical decisions on your behalf if you are unable to make those decisions yourself.You cannot use a living will to transfer property. A living will is a document you execute that allows someone the authority to make medical decisions on your behalf if you are unable to make those decisions yourself.You cannot use a living will to transfer property. A living will is a document you execute that allows someone the authority to make medical decisions on your behalf if you are unable to make those decisions yourself.
My parents' living trust was terminated 13 years ago. We discovered there is one property that was never transferred by the trustee. What should we do?
You should contact an attorney who specializes in the law of property. You may need a court order to transfer the property by a valid deed. You should also check to see it there are any real estate tax delinquencies affecting the property.
What is the difference between a living will and a living trust?
A will is a document that transfers a person's property to others upon his/her death. This is called a testamentary document. It has no effect to transfer property until the testator dies. A living trust is a document that creates a fund of property, which is administered by the trustee for the benefit of other persons but with certain restrictions or directions on how the fund is to be used. This is called an inter vivos document because it is effective to transfer property during the person's lifetime.
What do you fill in after remise release and quitclaim to to transfer house to your living trust?
The grantee on the deed should be the trustee of the trust: . . . to William Edward as trustee of the Eleanor McCarthy Trust Dated November 4, 2008. You need to make certain the trust is a valid trust IN YOUR STATE and that it contains all the necessary provisions for transferring the property out of the trust when that becomes necessary. Trust errors can be costly. A poorly drafted trust must be corrected by a judge.
What is the difference between a will and a living will?
A will is a document that transfers a person's property to others upon his/her death. This is called a testamentary document. It has no effect to transfer property until the testator dies. A living trust is a document that creates a fund of property, which is administered by the trustee for the benefit of other persons but with certain restrictions or directions on how the fund is to be used. This is called an inter vivos document because it is effective to transfer property during the person's lifetime.
What about living expenses in deceased property do you have to pay water trash and gas and electric while house is waiting to get sold?
If you are living in the property, the utilities should be paid by the tenant. They should be paying rent as well.
How do you transfer property out of a living trust?
You must look to the trust instrument for instructions. If there is no power in the trustee to transfer real estate recited in the trust document then you will need to have the situation addressed by a court order.
If parents want to transfer their house to their child what is the child's cost basis for the house?
You should speak to a good trust attorney about setting up a Living Trust and puting ALL parties in the trust. Then the Trust can own the property.
