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When a trustor is established does a trustor have the ability to change the trustee in a deed of trust?
A trust is established by a Declaration of Trust. The trustee is the person appointed to hold title to and manage the trust property. The declaration contains all the powers of the trustee and the provisions of the trust. You must review it to determine if and how the trustee can be terminated and a new trustee appointed.
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.
Is Mississippi can the husband hold complete ownership in a deed of trust?
A deed of trust is similar to a mortgage. A husband does not "hold" ownership by a deed of trust. Ho holds title by virtue of a deed showing him as the grantee. He would grant (and sign) a deed of trust in order to borrow money using the property as security for the loan.If both husband and wife hold title then both must sign the deed of trust. If only the husband holds title and the couple resides at the property under a homestead exemption then both must sign. This is a complicated issue. If you have further questions you should consult with an attorney.
What is the difference between a Deed and a Deed Of Trust?
A deed is the instrument used to transfer title to real estate. A deed of trust transfers property to someone to be held in trust for another. A deed of trust can have different meanings in different jurisdictions. In some states a deed of trust has the effect of a mortgage. A trustee holds the property until the debt has been paid. In other jurisdictions a deed of trust is a deed that transfers real property to a trustee who will hold title to the property indefinitely according to the terms of the trust. The trust may be one that was created in a separate instrument that is referenced in the deed or the trust may be set forth in the deed itself.
The grantor in the establishment of a revocable trust lived in a different state than today does this affect the validity of the trust?
That depends on where the property in the trust is located and the state laws under which the trust was drafted. For example, A trust drafted in California would also need to meet the requirements of Massachusetts trust law if it held real property located in Massachusetts. The trust would need to meet those requirements (of Massachusetts) in order for the deed out from the trust to be valid. Trusts that are acceptable in some states are not acceptable in others. There are many instances where trusts from other states have been used to hold title to Massachusetts property. If the trust doesn't meet Massachusetts trust requirements the trust fails, the trustee may hold the property as an individual or the property may remain in the estate of the "trustor". In cases where the trust fails and the "trustor" died, the estate must be probated. Trusts are not to be taken lightly. An improperly drafted trust can reate a costly legal quagmire.
Can you hold ownership of real estate through a secondary contract without being on the deed?
NO. Ownership of real estate is evidenced by a deed recorded in the land records. If you don't want your name on the deed then you need to arrange to have the title held by another entity such as the trustee of a trust. In that case, the property would be owned by the trust.NO. Ownership of real estate is evidenced by a deed recorded in the land records. If you don't want your name on the deed then you need to arrange to have the title held by another entity such as the trustee of a trust. In that case, the property would be owned by the trust.NO. Ownership of real estate is evidenced by a deed recorded in the land records. If you don't want your name on the deed then you need to arrange to have the title held by another entity such as the trustee of a trust. In that case, the property would be owned by the trust.NO. Ownership of real estate is evidenced by a deed recorded in the land records. If you don't want your name on the deed then you need to arrange to have the title held by another entity such as the trustee of a trust. In that case, the property would be owned by the trust.
Does a co-signer on a mtg get any rights to the property if the main borrower dies?
That depends on whose names are on the deed and how they hold title. If you are not on the deed and agreed to pay the mortgage you don't acquire any property rights.That depends on whose names are on the deed and how they hold title. If you are not on the deed and agreed to pay the mortgage you don't acquire any property rights.That depends on whose names are on the deed and how they hold title. If you are not on the deed and agreed to pay the mortgage you don't acquire any property rights.That depends on whose names are on the deed and how they hold title. If you are not on the deed and agreed to pay the mortgage you don't acquire any property rights.
Is a family trust prepared in Arkansas valid if your family and you change your legal residence to Texas?
You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.You should make arrangements to have the trust reviewed by a Texas attorney who specializes in trust law. Especially if the trust will hold title to real property in Texas.
Trust deed leaves property to 4 adult children Both parents have now passed away If one of four dies who would receive their share?
A trust deed conveys property to a trustee who then holds title to the property according to the provisions of the trust. You need to examine the provisions of the trust document to determine who the beneficiaries are. If the house is the only property in the trust you need to read the actual trust document to determine who the beneficiaries are as recited in the trust document. That trust document controls what the trustee may do with the property and who will inherit a deceased beneficiary's interest. If the trust doesn't mention what will happen if one of the siblings dies then perhaps the trust gives the power to the trustee to convey the property by a deed TO the four siblings. You could then decide how it will be held by the four of you. If the trust states the property should ge distributed to the four children upon the death of the parents then the trustee can convey the property to the four children by deed. If that deed recites that the grantees will hold the property as joint tenants with the right of survivorship and one dies, her share will pass to the remaining siblings. If that deed recites that the grantees shall hold as tenants in common and one dies, her share goes to HER heirs. Therefore, if you get a deed from the trustee passing title to you then you can decide for yourselves how title will be held. If the trust doesn't give the trustee the power to sell then the trust will need to be modified by judge so the property can be conveyed to the heirs. In any case, you should seek legal advice from a probate/real estate attorney to straighten this matter out for you. This situation is subject to your own state laws.
Who owns the title of the property?
Ownership of real estate is evidenced and accomplished by a deed. The person who transfers the property is called the grantor and the person who receives it is the grantee. In any deed, the grantee is the new owner. The owner of real estate is said to hold title to it.
You buy a house using a trust deed am named the trustor trustee beneficiary while you are alive with the largest of interest in AZI did not name your wifeWhy did you do this and is your wife an owner?
In many states a trust that names the trustor, trustee and beneficiary as the same person would fail as a trust. The trust would fail under federal tax laws. The property that was transferred to the trust actually remains the property of the trustee as an individual and is exposed to creditors and the laws of intestacy if the owner dies. In the scenerio set forth above the wife is not an owner but she would inherit an interest in the property if the owner died. For example. If Jack has land conveyed to himself as a trustee of a trust of which he is the trustor and the beneficiary there has been no trust created and Jack owns the property in his own name as an individual. If he died the property would pass to his heirs at law according to the state laws of intestacy. Trust law is extremely complicated and largely due to "free" information available on the internet there has been an abundance of flawed trusts used to hold title to real estate. Those mistakes can be very costly to correct. You need to have this situation reviewed by an attorney who specializes in trusts ASAP.
Are property deeds in queens county survivorship deeds?
Each state has several different forms of deeds and different ways multiple owners can hold title. You need to check each particular deed to determine if it is a survivorship deed.Each state has several different forms of deeds and different ways multiple owners can hold title. You need to check each particular deed to determine if it is a survivorship deed.Each state has several different forms of deeds and different ways multiple owners can hold title. You need to check each particular deed to determine if it is a survivorship deed.Each state has several different forms of deeds and different ways multiple owners can hold title. You need to check each particular deed to determine if it is a survivorship deed.
