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If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
What else can I help you with?
If parent pro quit property to adult child do you have to go probate if you have revocable trust?
If a parent transfers property to an adult child and has a revocable trust in place, probate may not be necessary, as the trust typically allows for the direct transfer of assets outside of probate. However, the specifics can depend on how the property is titled and the terms of the trust. If the property is properly funded into the trust, it should pass directly to the child upon the parent's death without going through probate. Consulting with an estate planning attorney can provide clarity on the situation.
Can a home be sold if the decrease trust is not over with in probate court?
It all depends on what the documents state. I notice you said a Trust. Was this a grantor trust? was it completely funded with the grantor's (the deceased) assets? Is the home in the name of the trust. There may be a provision in the Trust, if the trust was the owner of the property, that allows the sale of the property with proceeds added to the residue of the trust. However, if the trust was not properly executed and funded and the property was still in the name of the decedent then you may have to wait until the probate process is over or meet with all heirs and your probate attorney as they can guide you through that process. Usually with a completely funded grantor trust the estate avoids the probate process and goes by the guidelines set forth by the trust, however it sounds as if this trust was not properly funded and the property was not placed in the trust.
Do you need to probate your father's estate if he created a living trust before he died?
You need to probate your father's estate if he owned any property at death that was not transferred to his trust. You should have a copy of the trust. If you're not sure you should consult with an attorney who specializes in probate law.
Does a revocable living trust override probate?
Your query doesn't contain much detail so the answer will be general information. Once property has been transferred to a trust it is no longer in an individual's estate as long as the trust is valid. Therefore, when that individual dies, the property they transferred to the trust is not part of their probate estate. That is one of the basic reasons for creating a trust.Your query doesn't contain much detail so the answer will be general information. Once property has been transferred to a trust it is no longer in an individual's estate as long as the trust is valid. Therefore, when that individual dies, the property they transferred to the trust is not part of their probate estate. That is one of the basic reasons for creating a trust.Your query doesn't contain much detail so the answer will be general information. Once property has been transferred to a trust it is no longer in an individual's estate as long as the trust is valid. Therefore, when that individual dies, the property they transferred to the trust is not part of their probate estate. That is one of the basic reasons for creating a trust.Your query doesn't contain much detail so the answer will be general information. Once property has been transferred to a trust it is no longer in an individual's estate as long as the trust is valid. Therefore, when that individual dies, the property they transferred to the trust is not part of their probate estate. That is one of the basic reasons for creating a trust.
What if the surviving spouse signed the grant deed to the defunct spouse for the purpose of refinancing while he was alive now that he died can she claim the equity through a living trust?
If she was on the family Trust but the property was not recorded with the county of records, and title is only on his name when he died then she may have to go to probate court.
Can an executor sell a property without bringing the trust to court?
You need to check your details. An executor doesn't manage a trust. If property is in a trust it is not part of an estate and it's managed by a trustee. The instrument that created the trust sets forth the powers of the trustee even when the trust is set forth in a will. Those powers usually include the power to sell real estate. Generally, an executor cannot sell property unless they have filed the will for probate. Then, generally, to sell the property the executor must be given that power in the will or issued a license to sell real estate by the court.
Can a business owner in California escape probate all together if their entire estate consists of real property and they pass it to their children through a Grantor Retained Annuity Trust?
No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.No. A Grantor Retained Annuity Trust is a financial instrument used to make large financial gifts to family without paying a gift tax. If you want to protect your real property from probate you need to set up a trust that can hold title to real property. You need to consult with an attorney with a good reputation who specializes in trust law and tax law.
What happens to the property in the trust when the trustee dies?
When a trustee dies, the management of the trust property typically passes to a successor trustee, as specified in the trust document. If no successor is named, the trust may need to go through a probate process to appoint a new trustee. The property remains in the trust and continues to be managed according to the terms set forth in the trust agreement. Beneficiaries retain their rights to the trust assets as outlined in the trust document.
What is probate court?
Probate court handles the items of the will to be sure it is honored. If the person has set up trusts, or has gifted the money in advance, etc. there is no need for probate. By following the process, you insure that all the legal requirements are met to terminate all debts. Without it the individuals that would normally be responsible for the estate may be tracked by creditors and others trying to collect debts. It also insures that property is legally transferred. If the individual had no debts, and no property, then probate isn't necessary, but still recommended to avoid any future complications.
If a couple had a trust in the US and owned property jointly in the Bahamas do the children have to open a probate case in the Bahamas to transfer title to the child pursuant to the Trusts terms?
Generally, a US trust cannot manage property in the Bahamas unless it has been registered there and the property was transferred to the trust in those land records. You need to consult with an attorney who can establish contact with an attorney in the Bahamas who can determine the status of the title to the land. You need to know the status of the property, i.e., whether it was owned by your parents or by a trust. If it was owned by your parents a probate will likely be needed to pass title to you legally. If it is properly owned by a trust the trustee can transfer it to you according to the provisions of the trust.
When does a trust or will have to be probated in Ohio?
Trusts are not probated. In fact, people transfer their property to trusts in order to avoid probate. A trust is managed according to the provisions set forth in the particular trust document. An estate must be probated if the decedent owned any property at the time of death.
Do you have to probate court if you have a revocable trust?
If you have a revocable trust, you generally do not need to go through probate court for the assets held within the trust upon your death. The assets in the trust can be distributed directly to the beneficiaries according to the terms of the trust, bypassing the probate process. However, any assets not transferred into the trust may still require probate. It's important to ensure that all intended assets are properly funded into the trust to avoid probate for those items.
