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Can a trustee get a loan on the property held in trust to pay off heirs?
Wiki User
∙ 11y ago
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
Wiki User
∙ 11y ago
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How many house payments do you have to be behind for a trustee sale?
A trustee sale is a public auction at which a piece of real estate is sold. Trustee sales are held when people default on their mortgages and the lenders take possession of the property, and they are also held when people fail to pay their property taxes and the taxing authority takes the property. Such sales are usually listed in the newspaper so that members of the public are aware of the fact that property is available for sale. In the case of mortgaged properties, when someone mortgages a property, part of the agreement involves a clause which allows the lender to foreclose on the property if the borrower does not pay. When property is foreclosed, a person is appointed to act as a trustee to handle the repossession of the property and the sale at auction. The purpose of the trustee sale is to collect the balance of the loan. Tax auctions are held for similar reasons.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
How do you properly insure real estate held in a Florida Land Trust when multiple properties are held in multiple trusts with same trustee company and same LLC beneficiary?
Trust law is a complicated area of law and it can complicate ownership of real property. Adding insurance to the mix complicates the situation further. You need expert advice from a reliable source that can review the trust and make certain the coverage is set up properly. Adding a trust that holds title to the property can complicate the question of exactly who and what is insured.You will need written proof that the coverage is as broad as necessary to cover all interests in the property particularly in the area of liability if someone is injured on the property. You should also remember that there may be personal property inside the premises that may need additional insurance coverage. If you had a title insurance policy prior to the premises being transferred to a trust then that needs to be updated to make certain it is still effective.You should speak with several reputable agents in your area.
Trust Declaration, Stocks?
Trust Declaration, Stocks(Download)This Trust Declaration made as of ____________ (Date), by and between ___________ ("Trustee") and ________________________ ("Beneficiary").Whereas the Trustee is the registered owner of ___________ shares ("Shares") of the corporation ("Corporation"); and the Shares are to be held by the Trustee as trustee and nominee for the Beneficiary;Therefore this Declaration of Trust witnesses as follows:I. The Trustee hereby declares that he or she holds the Shares and all dividends and interest accrued or to be accrued upon the same upon trust for the Beneficiary and agrees to transfer the Shares as directed by the Beneficiary or otherwise deal with the Shares and the dividends and interest payable in respect of the same in such manner as the Beneficiary shall from time to time direct.2. The Trustee covenants and agrees that he or she shall at all times, exercise all voting rights in connection with the Shares and otherwise deal with the Shares as nominee for the Beneficiary only and in accordance with the instructions of the Beneficiary.3. The Trustee shall enter into, execute and deliver as nominee for the Beneficiary only, all such documents, instruments and other agreements as may from time to time be requested by the Beneficiary in connection with the Shares.4. The Trustee shall, at the request and expense of the Beneficiary, account to the Beneficiary for all sums received with respect to the Shares.5. The Trustee shall promptly transmit to the Beneficiary all notices, claims, demands or other communications which the Trustee receives relating to the Shares, including notices of shareholder meetings.6. The Beneficiary hereby releases the Trustee from any and all liability that the Trustee may incur in respect of any action taken by the Trustee either pursuant to the authorization or direction of the Beneficiary or pursuant to the terms of this Declaration of Trust. The Beneficiary shall indemnify and hold the Trustee harmless from all liabilities of any kind and character that may arise out of any act or omission by the Trustee pursuant to the terms of this Declaration of Trust.7. This Declaration of Trust shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors and assigns.8. Notices.Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.If to the Trustee: _____________________________________________________.If to the Beneficiary: ___________________________________________________.9. No Waiver.The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.10. Entirety of Agreement.The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.11. Governing Law.This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.12. Headings in this AgreementThe headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.13. Severability.If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.In Witness whereof, the parties have executed this Agreement as of the date first written above._________________________ _______________________Trustee Beneficiary_________________________ _______________________Witness One Witness Two, Preferably aNotary_________________________Witness Three_________________DateTrust Declaration, StocksReview ListThe review list is provided to inform you about the document in question and assist you in its preparation. Trust Declarations give you protection from the attachment of assets held personally in your name. They are useful both for this legal purpose and the financial one that it makes it all the tougher for an opposing attorney to pierce the trust veil, so to speak, if that is possible. Therefore, an opposing attorney is more apt to stop pursuit of you if your assets are held in trust and therefore harder, if not impossible, to attach with a judgment. Hence comes the term “Judgment Proof.” Sweet music to the ears of those of us who are not lawyers.You should also obtain a resignation of trustee document, provided in the trust area as well, and have it signed should you have a falling out with your trustee at a later date. An ounce of prevention here can save the proverbial pound of cure. More than a few people, including myself, have been saved by this cautionary move. As the famous Mr. Dooley once said, “Trust everyone, but cut the cards.” Amen.1. Make sure you have two witnesses and a third to be absolutely safe in the trust area. You should have the agreement notarized, to be on the safe side.2. Make multiple copies and keep one with the specific transaction, another in your general financial agreements, and a third in your safe.
What is a pure trust fund?
Trusts are contractually created organizations designed to protect assets both during and after the life of a person or persons known as the trust grantor (sometimes called settlor).The main purpose of some asset protection trusts is to avoid public probate of a person's assets through a will which can often lead to court battles and hard feelings by the beneficiaries who wrangle over who gets "the best stuff" or the larger share. The terms of a trust, unlike a will, need never be made public, and the beneficiaries need never be told by the trustee what others may or may not have received.A trust may be set up by the grantor during his/her lifetime, or it may be created after his/her death in accordance to the terms of a will. The will itself may be generic, such as "all real estate, personal property, stock and other assets to be placed in trust with so-and-so as trustee to be distributed to beneficiaries in accordance to the Letter of Instructions held by my attorney." Although the will itself will be read to the decedent's survivors and administered by the probate court, the Letter of Instructions would be seen only by the trustee of the trust.Though there are dozens of kinds of trusts to suit various purposes, they come in only two types: revocable and irrevocable.A pure trust is an irrevocable trust set up by a grantor who cannot be a beneficiary of the trust and usually is also not the trustee. A pure trust, unlike a living trust, survives the grantor and may be:perpetual like Joseph Kennedy's (earnings paid out to descendants but principal left untouched)time-limited like Benjamin Franklin's (3/4 was distributed after 100 years and the balance at the end of 200 years) or a spendthrift trust which is terminated on the death of a specific beneficiary.generational, e.g., until the last grandchild diesTaxation:Most other forms of trusts are revocable by the grantor and therefore assets within the trust are considered personal assets of the grantor, so earnings within the trust are taxable to the grantor unless the trust is specifically for an approved nontaxable purpose, e.g., a charitable foundation or an education trust fund to pay college expenses of one's children, grandchildren or other relatives. The tax ID of the trust is the Social Security Number of the Grantor. If the trust has employees, it may also have an Employer Identification Number (EIN) for payroll tax purposes.Assets placed into a pure trust, on the other hand, no longer belong to the grantor who has no control over the assets. Earnings are not taxable to the grantor, nor are they taxable to the trustee who is merely a fiduciary holding the assets for the benefit of the beneficiaries. The assets become taxable to the beneficiaries only when they are distributed to them. Therefore, no estate taxes diminish the assets, and assets in the trust can grow tax-deferred until a taxable event occurs, often long after the grantor is dead. Generally no tax ID is issued to the trust unless it has employees, then an EIN can be issued to the trustee for payroll tax purposes. The trustee(s) and outside consultants, such as attorneys and accountants, are not employees.For this reason the IRS disparages pure trusts and tries to convince people to avoid "pure trust scams." Courts, on the other hand, have consistently ruled in favor of pure trusts (if contractually sound). Benjamin Franklin's trusts were attacked a number of times over two centuries by descendents and government bureaucrats but were upheld by state and appeals courts every time.Hope this is what you were looking for.Joy and abundance,Cimarron Laynewww.https://www.sendoutcards.com/layneguests
Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
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.
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.
What is a trust property?
Generally, a trust is a legal relationship that is set up whereby one person holds the legal title to the property, the trustee, and another has the benefit of the use, enjoyment and income from the property, the beneficiary. Trust law is extremely complex. Very briefly stated, the person who sets up the trust and conveys or transfers their property to the trustee is called the trustor. Once set up properly the trust allows the grantor to remove her property from her own estate, thereby protecting it from creditors and heirs, and still enjoy the use of and income derived from it. The trust property is any personal or real property transferred to the trust such as real estate, stocks, bank accounts, etc. That property is "held in trust" by the trustee.
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.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust. Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not. Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed. In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
Who is responsible for the upkeep of a house left in trust to children whilst stepmother lives on it it until her death?
The trustee named in the trust document is responsible for the upkeep of the house, including any maintenance, repairs, and upkeep costs, while the stepmother lives in it. The trustee must ensure that the property is maintained in good condition for the children's benefit when they eventually inherit it. It is important to review the trust document for specific instructions regarding the responsibilities of the trustee in this situation.
Can you quit claim deed a property from an irrevocable trust?
Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Selling property with Trustee on deed?
This might indicate that at least part of the ownership was held in trust, and the trustee represents the trust. One or more authorized trustees of the trust must sign the deed or authorize someone else to sign with a proper power of attorney.
There was no will. For property held in trust owned by three people one won't sign to sell. What can be done?
If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.
If funds need to be used that are in a trust how do you get the funds out?
Funds that are held in trust are under the complete control of the trustee. The provisions of the trust dictate how the trustee will manage those funds. You need to review the terms of the trust with the trustee and determine how and if the funds can be accessed. If the terms of the trust are insufficient or there is no provision under which the trust property can be accessed then a court of equity has the power to modify the trust. You may need to seek the advice of an attorney who is familiar with trust law in your state.
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.
