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What interest does a named trustee have in property given for the use of others?
Wiki User
∙ 9y ago
The trustee has no personal interest in the property. The trustee holds interest as a trustee only and must manage the property according to the terms of the trust and only according to the terms of the trust.
Wiki User
∙ 9y ago
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How do you force a person who has filed bankruptcy and given up their interest in a property to sign a quit claim deed?
You need to contact the trustee in bankruptcy. The bankrupt hasn't "given up their interest" unless they have already executed a deed. Their interest may be subject to the bankruptcy proceeding.
Can you add to your estate money given to you in a trust?
Generally: Money given to you "In Trust" is not your personal property. It is not part of your individual estate. You would hold that money as a trustee for the benefit of others.
What is the purpose of 'trust deeds'?
The purpose of trust deeds is to provide security for a loan by establishing a legal framework for the repayment of the loan. Trust deeds outline the terms and conditions of the loan, including the repayment schedule, interest rate, and consequences for default. They also allow the lender (trustee) to take ownership of the property if the borrower fails to repay the loan as agreed.
Do you get to keep to keep your property if you file bankruptcy?
You get to keep any property that you can exempt, which may depend on state laws. Some states let you choose between the federal exemptions or the state exemptions. Any property worth more than the exemption has to be redeemed (the trustee is paid the difference between the value of the property and the exemption) or given to the trustee. (Technically, the trustee owns everything in a chapter 7 until the 341 meeting or the first meeting of creditors.)
What does separate property state mean?
Briefly it means that legally married people can own property in their own, sole capacity, even when acquired after marriage. Their spouse is not automatically given any interest in that property as they would be in a community property state.Briefly it means that legally married people can own property in their own, sole capacity, even when acquired after marriage. Their spouse is not automatically given any interest in that property as they would be in a community property state.Briefly it means that legally married people can own property in their own, sole capacity, even when acquired after marriage. Their spouse is not automatically given any interest in that property as they would be in a community property state.Briefly it means that legally married people can own property in their own, sole capacity, even when acquired after marriage. Their spouse is not automatically given any interest in that property as they would be in a community property state.
Can a trustee take the property placed in a trust?
Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.
Does a quitclaim deed modify a living trust?
A trust is an agreement. You cannot "modify" a trust by a deed. Trusts are modified by amendments to the trust. Property can be removed from a trust by a deed executed by the trustee if the trustee has been given the power to sell real estate.
You are in chapter 7 bankruptcy and i own property with your mother the property was just sold with a 30000 profit and the trustee gave the property back to us can the bank keep the whole profit from?
Huh? It was sold and given back to you? But there was a profit from someone paying for it? Huh?
What documents are necessary to get out of foreclosure?
Those how are involved in a foreclosure sale. The trustee must provide a note and deed of trust without changes or extensions of the agreements and any additional notes. All documents must be given original to the trustee. If the original documents are lost, an instrument bond needs to see provided. The trustee must also be provided with important informaton such as the remaining debt, the reason for the default information on advances, the date to which the interest is paid, the last known place of residence and adress of the property.
How can you sell a paid off home inherited by you through a revocable trust?
If the property is owned by the trust, the trustee must execute a deed from the trust to you. In order to execute a validdeed the trustee must be given the power to sell real estate in the document that created the trust. Once the deed to you has been executed and recorded in the land records you will be the record owner and you can sell the property by executing a deed in favor of the purchaser.A deed from a trust should be executed in the trustee's name as the trustee of the trust. The grantor on the deed should be recited as, "Buddy Guy, as the Trustee of the Best Blues Trust" grants to BB King . . . ."
My brother was appointed executor of my moms living trust there are 3 of us beneficaries involved what are his duties he doesn't include us in any of the transactions or desisions he makes or any of t?
The only entity that can appoint an executor is the probate court. Your mother's will must be presented to the court for allowance if the will transferred her property to her living trust. The executor will be appointed at the same time. If your mother had transferred all her property to a living trust BEFORE her death you must have the trust document reviewed by an attorney. Your brother is not allowed to operate in secret. He should submit an inventory of all the property in the trust and an accounting of any property or funds he has distributed or spent. You can sue him in a court of equity if he refuses to be completely open about his activities as the trustee. A trustee has only the power explicitly given in the trust document. He does not own the property. He is holding it for the benefit of others. A trustee who is being secretive and unwilling to have his actions reviewed should be removed immediately and replaced with a more trustworthy trustee. A court can do that for you. You need to have your situation reviewed by an attorney who specializes in probate.
Delegate vs trustee?
A delegate is a person who represents a whole party. A trustee is a person who is given legal ownership of something for someone else benefit.
