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Can you put your real property in the name of a minor as a trustee of a trust?
Wiki User
∙ 13y ago
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoNo. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
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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.
What happen to the irrevocable trust after the grantos death?
You need to review the document that created the trust. A trust should contain all the provisions necessary to the management of the trust property by the trustee. It should recite all the powers of the trustee and what should happen to the trust property at the termination of the trust. Title to trust property stands in the name of the trustee who holds title in the name of the trust. The type of trust you refer to usually has detailed instructions as to how the trust property should be distributed upon the death of the grantor and how that property should be transferred by the trustee.
Can you use proceeds from the sale of a house in an irrevocable trust to purchase a new home?
You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.
What if my Mom died sister is the trustee then did a quitclaims then put her name and your name as the tenants in common is the property still protected in the living trust in ca.?
If your sister is the trustee of a valid trust and has power to transfer title to real estate owned by the trust then her deed as trustee transferred the property to you and her as individuals. The property is no longer owned (protected by) by the trust.
What does it mean when it says after the owners name on a deed trustee?
That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.
How is a trust funded?
Property that will become trust property must be transferred by the legal owner to the trust. Bank accounts can be reopened in the name of the trust and its trustee. Real property must be transferred by deed from the the record owner to the trustee of the trust. Since a trustee is the agent with the power to act for the trust, real property transfers should be made to the trustee. For example, a deed should recite the grantee in this form: Julia Roberts, as Trustee of the Pretty Woman Realty Trust dated 3/23/1990. Since the trustee will have full power to control the trust property it is essential to choose a trustee whom you have deemed to be completely "trustworthy".
In a trust what happens to the property when the trustee passes away?
The trust should list a successor trustee. If it doesn't, then will likely need to file a petition with the court to name a new trustee.
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.
Is it legal for an executor of a trust to change the title on a property from The Jane Doe Trust to the Executor's own name as his sole and separate property and then get a loan?
First. A trust is managed by a trustee and not an executor. Second, a testamentary trust should be supervised by the probate court. The trustee has only those powers that are set forth in the document that created the trust. What you describe sounds like self-dealing by the trustee. You should bring the matter before the court and ask for a review of the trustee's actions. The trustee should also be asked to provide an annual accounting of the trust property for every year they are in office. If the trustee is mishandling trust property they should be replaced. You could ask the court to remove the trustee and appoint a replacement.
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.
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
