In many cases a trustee may convey the trust property to himself as an individual. It is often done when a group decides to terminate a trust. However, this type of a transaction should be handled by an attorney with experience in such transactions who can make certain the sale is uncontested and the deed will be accepted as a valid conveyance by future title holders. The attorney can first confirm the conveyance is not a result of self-dealing by the trustee and then arrange to make the transfer with the proper documentation to maintain a clear chain of title to the property.
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.
What beach house? Who is the trustee? However, the answer is probably no. The trustee typically has discretion on when and how to make distributions from the trust.
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
You need to contact the trustee of the trust and ask about purchasing the property. The trustee has only those powers outlined in the trust document. The trustee must have the power of sale in order to sell the property to you.
A property conveyed to a trust becomes trust property. It can only be conveyed by the trustee of the trust.
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.