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Can you add a new name to be a trustee of a property that has been entrusted to some persons?
Wiki User
∙ 14y ago
If property is owned in the name of a trustee of a trust, then the trust agreement controls. The person who established the trust should have created a trust agreement, and in that trust agreement it will state whom the initial trustee is and how successor trustees are named. So, check the trust agreement.
Wiki User
∙ 8y ago
Wiki User
∙ 6y agoYou need to check the language in the document that created the particular trust. There should be provisions regarding the appointment of new trustees or successor trustees.
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Does a deed of trust grant ownership rights?
A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.A deed of trust as part of a mortgage transaction transfers title to the mortgaged property to a trustee until the mortgage is paid in full. When the mortgage has been paid off the trustee must transfer the property back to the owner. The trustee has no actual "ownership rights" since it acts as only a holder of the title until the note is paid.
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.
Can a landlord continue to collect rent if title to the property has been transferred to a trustee?
I wouldn't think so, since the landlord transferred the land to a trustee the "landlord" couldn't have that title anymore, the trustee would so the trustee would collect the rent instead of the "old" landlord On the other hand you should ask if the "landlord" has been appointed the agent and property manager for the property owner. That appointment must be in writing and recorded in the land records. In that case they certainly may collect the rent.
If one sibling filed chapter 7 and there is property that is left by your deceased parents but no succession has been filed by your siblings can a trustee sell the property to pay creditors?
Only that property that is determined to be owned by the sibling. If property is owned jointly between the sibling and the remaining family, the remaining family may be forced to get a loan to pay the appraised value of the siblings share. As this Q is frequently referred to by those asking about a trustee that is a sibling.....a trustee is NOT the owner of any of the proerty he is trustee for...in fact, IT CANNOT be used for his personal needs.
Can the executor of a living trust refuse to pay money to beneficiaries even though all debt has been paid and there is still property to be sold?
A trustee manages the property in the trust. An executor manages the property owned by a decedent at the time of their death. You need to review the trust document to determine what the trustee must do with the trust property now that the settlor has died.
What is the difference between property of the debtor and property of the debtors' estate?
In a chapter 7, the debtor's estate consists of all property owned by the debtor which has not been exempted or is subject to a lien and has little or no equity. The trustee takes and sells the non-exempt assets that are not subject to a lien. If the debtor cannot pay the trustee the value of equity, the trustee may force the sale of the encumbered asset or the debtor will have to convert to a chapter 13.
What is a memorandum of trust?
A summary of trust provisions, typically consisting of the identity of the trustees. ==Additional Answer== In some jurisdictions a memorandum of trust is used to validate a conveyance of real estate by a trustee. In Massachusetts it must state: The name of the trust; The name and address of the trustee of the trust; The date of execution of the trust; The powers specified in the trust relative to the acquisition, sale, or encumbering of real property by the trustee or the conveyance of real property by the trustee, and any restrictions upon those powers; That the trust has not been amended or revoked.
Does a quitclaim deed modify a living trust?
A trust is an agreement. You cannot "modify" a trust by a deed. Trusts are modified by amendments to the trust. Property can be removed from a trust by a deed executed by the trustee if the trustee has been given the power to sell real estate.
What does the word trustee mean in a will?
A trustee is a person to whom control over trust assets (cash, securities or other property) has been placed (by the trust creator) for the benefit of one or more beneficiaries.Generally speaking a person or persons with powers of attorney may also be involved.I believe that the word "trustee" has the same meaning regardless of whether it appears in a will or in an written trust agreement meant to take effect while the trust creator is still alive (aka an inter vivos trust).For example, the testator (the person making his or her will) might want to leave a great deal of money or property to grandchildren who may be still too young to manage it wisely when the testator dies and the grandchildren are in a position to inherit. To delay the grandchildren's actual receipt of the inheritance until they are old enough, the testator may instruct in his will that the money or property is to be held by a namedtrustee until the grandchildren reach a specified age. The testator should make it clear who is to act as trustee (or alternate trustee, if the first-named trustee cannot serve.)A trustee has a serious legal responsibility to protect and preserve trust property, and invest it prudently (unless the testator has explicitly forbidden the trustee to invest the funds, which is probably very rare), and never to use the trust principal or income (if any) for his or her own benefit, even if he intends to "borrow" and repay the funds; if he does so, he is breaching his duty. However, a testator or other trust creator may provide in writing that the trustee may be paid his or her fee out of the trust assets, or be reimbursed for any trust-related expenses he or she incurs. Finally, a trustee generally must provide a written accounting of all of the funds coming into and leaving the funds in trust.
How can you sell a paid off home inherited by you through a revocable trust?
If the property is owned by the trust, the trustee must execute a deed from the trust to you. In order to execute a validdeed the trustee must be given the power to sell real estate in the document that created the trust. Once the deed to you has been executed and recorded in the land records you will be the record owner and you can sell the property by executing a deed in favor of the purchaser.A deed from a trust should be executed in the trustee's name as the trustee of the trust. The grantor on the deed should be recited as, "Buddy Guy, as the Trustee of the Best Blues Trust" grants to BB King . . . ."
If a trustee is required to sell the real estate the trust holds under the terms of a trust established by a will what type of deed will be delivered at the settlement of the sale?
The property must be conveyed by a 'trustee's deed'. For example, the grantor on the deed should be stated as Robert Smith as Trustee of the Smith Family Trust as set forth in a Declaration of Trust dated November 12, 2005. A Trustee's Certificate to accompany the deed is required in most jurisdictions. The certificate must identify the trust and trustee and certify the trustee knows of no amendments or changes to the trust, that he is the sole trustee with power to sell real estate and the trust has not been terminated.
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