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The owner of the property must execute a deed that transfers the property to the trustee of the trust. However, you better make certain the trust is valid and has all the provisions needed for the trust to manage real estate and for the appointment of successor trustees.
Wiki User
∙ 14y ago
Wiki User
∙ 15y agoTrust law is extremely complex and varies from state to state. There are sections of the IRS tax code devoted to trusts. If you're not an attorney then you should have an attorney do this legal transfer for you. You should seek the advice of an attorney who specializes in trusts and can explain all the consequences of transferring your property to a trust. The attorney can draft a trust that will both meet your needs and the requirements of state law and federal tax laws.
First you must make certain the trust meets all the requirements for a trust to hold title to real estate in the state where the real estate is located. You must also make certain the trust contains all the provisions required to enable a trustee to execute legal documents that affect the real estate- especially the ability to transfer the real estate when the trust is terminated.
Many errors are made by non-legal professionals regarding real estate trusts and those errors can be costly to correct. Errors are often made by Accountants and in many cases, general practice attorneys who rely on their law school knowledge of trust law. Often, those errors are not disclosed until the property must be sold or the trustor dies believing the property had been successfully removed from her estate. If the trust fails the estate must be probated and the property can be exposed to creditors. The person who drafted the failed trust was paid a large fee at that time and is no longer available. The legal costs to resolve that sort of situation can be very expensive.
A poorly drafted trust can be costly to correct later on. If any of the necessary provisions are missing then a judge would need to add them by a court decree. That would tie up the property until the trust deficiencies are corrected IF they can be corrected. Legal fees to address the deficiencies will be more costly than legal fees to draft a valid trust. An improperly drafted trust will leave your property exposed to probate and to creditors.
Some of the most common types of trust problems are: naming the trustor, trustee and beneficiary as the same person; failure to include the power of sale; failure to provide for the appointment of a successor trustee; failure to clearly identfy the contingent beneficiaries and their successors.
Make certain the trust fits your needs and that you know all the consequences of transferring your property to the trust- especially the tax consequences. You will need to check your state laws to see if the trust must be recorded in the land records.
Wiki User
∙ 13y agoYou have the trust and deed drafted by an attorney who specializes in trust law. Trust errors made by non-professionals can be extremely costly to correct IF they can be corrected.
Wiki User
∙ 6y agoThe person responsible for your parent's will should handle the paperwork. Or if there is no will, the state should handle this responsibility.
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What kind of trust can a property go to if it has a reverse mortgage?
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
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.
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.
Can property held in a trust be seized by a court order?
Yes. There are circumstances whereby a court can order the transfer of property held in a trust.
Can real estate that is deeded to an irrevocable trust be sold by the owner?
Absolutely not. The person who transferred the property to an irrevocable trust no longer owns the property. Their deed would be null and void. The trust can sell the property as long as that power was granted to the trustee in the Declaration of Trust. For an effective transfer of the property the deed of transfer must be executed by the trustee.
Can I sell property which deed is transferred to California survivor's trust?
The trustee of the trust holds title to the real estate. The trustee can transfer the property according to the provisions set forth in the trust.
How can real estate be removed from a trust?
You need to review the provisions in the document that created the trust to determine if the trustee has the authority to sell or transfer real estate. The trustee holds title to the trust property. If the power to sell is recited in the trust the trustee can execute a deed to transfer the property to a new owner. If the power to sell is not recited in the trust then you will need a court order to transfer title.
Can I file a quick claim on a deed in trust?
You can transfer your real property to the trustee of a trust using a quitclaim deed.
How do you transfer property out of a living trust?
You must look to the trust instrument for instructions. If there is no power in the trustee to transfer real estate recited in the trust document then you will need to have the situation addressed by a court order.
Can you quit claim deed a property from an irrevocable trust?
Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Can a settlor transfer property to trustee for the settlor and trustee?
Your question is assumed to be the following: May Sheila transfer her property to Judith as the trustee for the benefit of Sheila and Judith. Generally, the answer is yes but trust law is extremely complex and varies from state to state. If you transfer real property to your trust that is situated in another state than where you live, the trust must meet the requirements of THAT state. Trusts should always be drafted by an attorney who is an expert in trust law.
Is it legal to transfer property i have in my name to my children's name in form of a trust fund?
yes
