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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.
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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.
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.
What is the difference between a living will and a living trust?
A will is a document that transfers a person's property to others upon his/her death. This is called a testamentary document. It has no effect to transfer property until the testator dies. A living trust is a document that creates a fund of property, which is administered by the trustee for the benefit of other persons but with certain restrictions or directions on how the fund is to be used. This is called an inter vivos document because it is effective to transfer property during the person's lifetime.
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.
Should you use a grant deed or a quitclaim deed to transfer property into a living trust?
In certain jurisdictions, a grant deed should be used to transfer property, whether it be to a living trust or otherwise. If the property is in California, a Trust Transfer Deed is the preferable method.In many jurisdictions a quitclaim deed would be fine. It would convey all the interest owned by the grantor. You must check with a local real estate attorney to determine the correct practice in your jurisdiction. Deeds should always be drafted by a professional.
Bill of Transfer for Living Trust?
Get StartedThe bill of transfer is used to transfer personal property to a living trust or joint living trust. In addition to creating and signing a living trust document, assets must be transferred into the trust. A living trust only owns the assets that are actually transferred into the trust. Any assets that remain titled in the name of the grantor will be subject to potential probate administration at the death of the grantor. Assets should be transferred from the grantor to the trust to achieve the result that the property is then legally owned by the trust. Assets can be transferred to the trust both at the time of the creation of the trust and also at later times. Separate transfer documents, such as this bill of transfer, must be used for this purpose because the trust document itself does not contain any language of conveyance or any list of assets. Note: This document cannot be used to transfer real estate or other property which has a title document, such as a vehicle.If the asset consists of a category of items, especially those that may change regularly, for example household goods and personal effects, continuous transfers would be impractical, so the initial transfer should convey that category of assets, "whether now owned or later acquired."
If parents want to transfer their house to their child what is the child's cost basis for the house?
You should speak to a good trust attorney about setting up a Living Trust and puting ALL parties in the trust. Then the Trust can own the property.
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.
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.
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.
