0
Can property be transferred by quit claim from trust to individual?
Wiki User
∙ 9y ago
The property can be transferred as long as the document that created the trust granted the power to transfer real estate to the trustee. The deed should be drafted by a professional. Errors in deeds drafted by non-professionals can be costly to correct if they can be corrected. Especially so when dealing with property that was transferred to a trust.
You should make an appointment with an attorney who can review the trust and draft a proper deed.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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.
Does a trust protect all assets?
When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.When properly drafted by a trust expert a trust protects any property transferred to the trust.
Is property deeded to a trust transferable to a trustee?
Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.
After a revocable living trust has been established can additional property be transferred to it?
Yes. If the trust was properly drafted property can be transferred in and out of the trust by the trustee.
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 is listed in a decedent's estate when he already had an irrevocable trust?
Any property owned by the decedent in his individual capacity would be included in his estate. Any property that was transferred to a trust during life would not be included in the estate.
Does a living trust supercede an executed will in California?
Yes. If the property was transferred to a trust during the life of the testator then it was not in her estate when she died. It cannot pass by will.Yes. If the property was transferred to a trust during the life of the testator then it was not in her estate when she died. It cannot pass by will.Yes. If the property was transferred to a trust during the life of the testator then it was not in her estate when she died. It cannot pass by will.Yes. If the property was transferred to a trust during the life of the testator then it was not in her estate when she died. It cannot pass by will.
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
My mom died. Her property was in trust and my sister as the trustee quitclaimed the property to us. Is the property still protected in the living trust?
You should consult with an attorney in your area who can review the trust and the deeds for validity. The trust must be reviewed to make certain it is a valid trust in your state, that the property was properly transferred to the trust, that the trust provides the trustee with the power to convey real estate and that your sister is the trustee. The deed from your sister as trustee must be reviewed for validity.If the property was "in trust" and your sister had the power as trustee to transfer the property to you both as individuals then it's no longer protected by the trust. It is your individual property and vulnerable to your creditors.
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.
Will a will override a trust?
A person's will is intended to direct the distribution of their property after their death. Sometimes a person's assets change during life. If a person transferred property to a trust during his life that property would not become part of his estate unless some provision in the trust directed that the property should pass to the estate. Therefore a trust would "override a will" if the property mentioned in the will had already been transferred to a trust during the life of the testator.
If you and your wife are co-trustees of her revocable trust does it create and incidence of ownership for you that would make any assets includable in your estate?
That depends on the validity of the trust, the terms of the trust and the source of the property that was transferred to the trust. If you transferred property to the trust and the trust isn't valid then that property remains in the your estate. If the trust property is to be transferred to you upon her death then the property will become part of your estate. If the trust is not properly drafted the property will also be exposed to creditors. An improperly drafted trust can cause very costly legal problems when, for example, the trustor dies. Trust law is extremely complex and varies from state to state. A trust must meet the requirements of the federal tax code. You should have your trust reviewed by an attorney who is an expert in trust law and estate planning.
