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The short answer is yes as long it is a single family home and the executor is the trustee. Since it is an executor it would probably have to be refinanced as an investment home with the higher rate, the executor would need to take on the responsibility of the note, and it would be a bit more document intensive than a regular refinance.
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Can the executor spend money from the trust to fix up the house that is in trust prior to the sale?
Not on your nellie!
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Why do people Refinance a house?
People refinance a house because they need money quickly. They might need money for a sudden illness, unexpected home repair or job loss. They also might refinance if the interest rates are low enough.
How long does an executor of a trust have to disburse the money to an heir?
An executor is the term used for the person who has been appointed by a court to settle an estate. The person who can act for a trust is called the trustee. You should review the terms of the trust for provisions as to when the trust property must be distributed. If you think the trustee is not distributing the funds in a timely manner you should file a complaint with the court where the estate or trust was filed.
Will named you as executor but living trust for the house has no executor named Am I still the executor?
The living trust has a trustee, not an executor. The will is a separate process and you would be the executor.
Can the executor spend money from the trust to fix up the house that is in trust prior to the sale?
Not on your nellie!
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
If someone is the executor of estate and wants to do a modification on a loan they are not on is that an option?
The decision to allow the executor to modify an existing mortgage is up to the lender. The executor could refinance the property with a new mortgage if allowed by the court.
What do you have to do to refinance your mortgage?
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
Are you an executor to a will for ever?
Depends on the case. In the irrevocable trust or a trust after the person dies neither are revocable. If the executor doesnt act properly they can be removed by a judge. Once all of the funds are giving out of the will there is no longer a executor.
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Can the executor sell property without all beneficiaries approval in New York state?
No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.
How do you select an executor for a family trust and will?
You select a person that you trust. Often people will make their spouse or sibling an executor. Others prefer to leave it in the hands of a bank or lawyer.
How does an executor of a trust get paid?
They charge the estate and take it out. The rate has to be approved by the court and documentation provided to show the effort expended by the executor. If there isn't a cash account, the bill can be added to those of the creditors and the assets shared as necessary.
