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Who is the grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Who is grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Is a living trust public record?
No, a living trust is not a public record. It is a private document that does not need to be filed with the court or made available to the public.
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.
What does the Revocable Living Trust provide?
A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Can the executor not sell a house that is in a living trust willed to three people other than themselves?
This question has so many mixed and conflicting terms, that it is difficult to even understand the question, much less provide an answer. This answer will assume the probable situation that creates this question. I assume that the "property" that has been "willed" to 3 people is part of a living trust created by the decedent during his lifetime. If the decedent transferred this property to a living trust, the executor has no power at all to sell it. This is because the executor has power over property belonging to the decedent. This property is owned by the living trust, therefore, beyond the authority of the executor. Once the decedent transferred the property to the trust, the trust became the legal owner just as if the decedent had transferred the property to another person. Since the decedent no longer owns the property, he has no more power to "will" that property to anyone than I have to will your property to someone. Unless the trust provides that upon his death the property goes into his own estate the executor is powerless to sell to anyone. But this would be extremely unlikely, because the purpose of the living trust is to keep that property out of the decedent's estate.
What is a Last will and testament with living trust?
A Last Will and Testament is a written document that sets forth a testator's instructions on how their property will be distributed upon their death. A trust set forth in a will is called a Testamentary Trust.A Living Trust is a trust created by a person while they are living.
Who can create a Living Trust?
Any person of legal age who owns property can create a living trust. However, the trust should be drafted by an attorney who specializes in trust law and should conform to the laws in your state. The trust should be tailored to meet your needs and expectations, and, the attorney can explain the tax consequences of various types of trusts. If you have real property located in another state that will become trust property, the trust must conform to the laws of THAT state in order that the trustee can convey the property by a valid deed when it becomes necessary.
What happens upon death of owner of mortgaged property placed in living trust?
I think the key word here is "LIVING" trust. Once a person passes away so does the trust...the Will should determine what is to be done with the property. If no Will is in place..his or her heirs will have to battle it out. Seek advice from an attorney.
What is a Trust Res?
The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.
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.
