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How do you handle real estate transferred to a trust that does not have the right provisions in the trust document to provide a clear right of ownership?
Wiki User
∙ 9y ago
Your question illustrates the problems that can arise when nonprofessionals draft and try to manage trusts. Trusts and trust law are extremely complicated. Trusts should always be drafted by an attorney who specializes in trust law. Errors made by non-professionals can be costly to correct if they can be corrected.
Improperly drafted trusts must be modified by a court order. You need to consult with an attorney who specializes in trust law in your jurisdiction who can review the trust, determine the deficiencies and then draft a proper petition for the necessary modifications so the title to the real property can be cleared and transferred. You cannot clear the title without clearing the defect caused by the improperly drafted trust. The funds saved by not having a professional draft the trust document must now be spent having the trust corrected by a court order.
Wiki User
∙ 9y ago
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How do you transfer the ownership of a company?
You get in contact with the companies house. the authority with whom you register the company. they have all of your information saved as you provide it to them at the time of registering the company. you inform them that the ownership is being transferred to a different name and provide all the required documentation for the new owner. they send you confirmation and update all the details on the system.
What is the role of the trustee after person dies?
The role of the trustee after the death of the trustor must be set forth in the provisions of the trust document. Generally, the provisions provide that the remaining trust assets be distributed to the beneficiaries and the trust terminated. On the other hand, trustors who desire to maintain control even after death may provide for an ongoing trust. In any case you must review the terms of the particular trust for your answer. If the trust has no provisions to address that issue then a judge will need to decide.
Does a promissory note provide proof of ownership for a business?
when selling you business does a promissory note provide proof of ownership for teh buyer?
What documents provide Proof of ownership of condemned property?
A deed would prove ownership.
Do irrevocable trust trustees need to provide notice to beneficiaries when selling real property or dividing trust?
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
What is the opposite of provisions?
I would suggest that the opposite of provision is withdrawal as the opposide of provide is withdraw.
What is the purpose of the fifth amendment provisions?
to provide protection against arbitrary government action.
Where will you find the venue on a legal document?
Venue is not a term that refers to a legal document per se. It refers instead to the location where a lawsuit may be filed. Most written contracts do have a venue provision, however, as part of their "formal parts" or "boilerplate". The provisions generally provide that the parties, as part of their contract, agree that in the event of a lawsuit arising from the contract, venue (location of the lawsuit) shall be in a stated county of a given state. There really isn't any standard location where this has to be, other than "somewhere in the body of the contrac," though most contract drafters tend to put provisions considered "boilerplate" at the end of the document.
My former company terminated my job I have been trying to close out my 401 profit sharing and savings plan and trust they are not allowing me to do so What do I do?
The plan is controlled and governed by the plan document and the most recent adoption agreement as the plan has been amended. It will have specific requirements of detailed regarding both eligibility and timing of distributions. The summary plan description is just what it says and will provide a brief outline of the plan document. It may give a clue but the plan document and appropriate adoption agreement hold precedence. That said, refer to both documents and respond accordingly. I would guess that the plan sponsor / trustee is acting under the provisions of the document. You may inquire to them regarding what the provisions are. If you feel that the plan sponsor is not acting under the provisions of the plan documents as adopted, you may wish to contact the DOL. I recommending inquiring directly with the plan trustees prior to this action.
What is the stated purpose of this document?
What document? You did not state therefore we have no idea what you're referring to and are unable to provide an answer.
What companies provide online document management?
"There are several companies online that provide document management. Documentree, Knowledgetree and Paperscape are a few that I have seen online by searching."
How do I appoint a new trustee in a land trust?
It is important that you review the provisions set forth in the trust document. The trust should provide instructions for the appointment of successor trustees. If the trust is silent you may need to request that a judge modify the trust to allow the appointment of a new trustee.
