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Must property be located in Illinois to be put in a Illinois land trust?
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∙ 12y ago
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Is property deeded to a trust transferable to a trustee?
Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.
Does a settlor have to execute a deed to add property to an existing trust?
Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.
What are beneficiaries of a trust entitled to when trust property is sold - the title to the property or only the proceeds of sale?
You must review the provision of the particular trust. All the provisions of a trust must be set forth in the instrument that created the trust.
What if the property is in a trust and I am the beneficiary of that trust?
Under UK Law: The trustee's must authorise the release of the property to the beneficiary(s) The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary. IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
Can the IRS place a lien on a house that you are a trustee for?
Yes. The trust must be drafted by a professional to make certain it is a valid trust. The property must be transferred to the trust prior to the lien. You should consult with an attorney who specializes in trust and tax law.Yes. The trust must be drafted by a professional to make certain it is a valid trust. The property must be transferred to the trust prior to the lien. You should consult with an attorney who specializes in trust and tax law.Yes. The trust must be drafted by a professional to make certain it is a valid trust. The property must be transferred to the trust prior to the lien. You should consult with an attorney who specializes in trust and tax law.Yes. The trust must be drafted by a professional to make certain it is a valid trust. The property must be transferred to the trust prior to the lien. You should consult with an attorney who specializes in trust and tax law.
Can title to property held in a foreign country be held in a trust for QPRT purposes?
Generally, any trust that holds title to real property must meet the requirements of the jurisdiction where the real estate is located. You should direct your question to an attorney who is an expert in trust law.
How do you distribute an irrevocable trust with no debts owed?
You must look to the trust for direction as to the distribution of the trust property and the termination of the trust. The management of a trust is set forth in the document that created the trust. If there is not direction as to the termination and final distribution of the trust property then a judge must make that determination.
There was no will. For property held in trust owned by three people one won't sign to sell. What can be done?
If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.
You live in North Carolina and have property in Maryland Would you need to have a lawyer in Maryland to handle your will or trust?
I don't know specifically about NC or MD, but you shouldn't need an MD lawyer. However, if you have real property in MD, you might need an MD attorney to handle retitling the real property by conveying it to your trust or to your heirs after your death. ==Clarification== States have statutory provisions for the allowance of a foreign will when the decedent died in one state owning property in another. An executor must be appointed in the state where the land is located in order to transfer the title to the property. If the real property has been transferred to a trust the provisions of the trust MUST meet the requirements for a valid trust in the state where the land is located. If the trust isn't valid in the state where the land is located, title remains in the trustor and the estate of the trustor must be probated in order to transfer title. If the trust is valid the trustee can transfer the property even if it is in another state. You should seek the advice of an attorney to help with your estate planning.
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
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.
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.
