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Trust law is an extremely specialized and complicated area of law. You need to consult with an attorney who specializes in trusts in your area who can review your needs, explain your options and draft a proper trust. Trusts drafted by non-professionals, generic trusts purchased online and trusts drafted by Accountants can have serious legal flaws down the road. Those are extremely costly to correct if they can be corrected. Corrections often must be made by a court order.
The average person does not possess the legal background needed to manage the trust. They should always have an attorney in the background to assist with transfers, appointments of successor trustees, management of trust property, maintaining proper accounts, etc.
What else can I help you with?
What is a HEMS trust?
A trust set up for the Health,, Education, Maintenance, and Support, usually for a minor.
Do trustees hold legal titles to trust assets?
Yes. A trust is set up for the purpose of enabling the legal title of the trust property to be held by the trustees. The trustees have the legal power to deal with the trust property according to the provisions set forth in the trust document only.
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.
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 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.
What is a trust property?
Generally, a trust is a legal relationship that is set up whereby one person holds the legal title to the property, the trustee, and another has the benefit of the use, enjoyment and income from the property, the beneficiary. Trust law is extremely complex. Very briefly stated, the person who sets up the trust and conveys or transfers their property to the trustee is called the trustor. Once set up properly the trust allows the grantor to remove her property from her own estate, thereby protecting it from creditors and heirs, and still enjoy the use of and income derived from it. The trust property is any personal or real property transferred to the trust such as real estate, stocks, bank accounts, etc. That property is "held in trust" by the trustee.
Can the executor sell property without all beneficiaries approval in New York state?
No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.
What does the word revocable mean when a living trust is set up that way?
It means that the trustor, or maker of the trust, retained the right to terminate the trust and recover the trust property. That type of trust has tax consequences for the trustor and may leave the property exposed to creditors. An irrevocable trust takes all power over the property out of the trustor's control and out of her/his estate.
Is there a way a beneficiary can be bought out of a family property trust?
You must review the provisions of the trust to determine it the trust can be amended. A trust must be managed according to the provisions set forth in the trust instrument.
Can a grantor who is also the trustee break an irrevocable trust?
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
What happens if an irrevocable trust was left to 7 beneficiaries but owner of the trust before his death quit claimed property to only one?
If the trust was set up as a testamentary trust the testator could have conveyed any property that she owned prior to her death. In that case the property would not become part of the estate nor part of the trust upon her death. There are many cases where a testator devised property in an outdated will that she no longer owned. That land is gone. It was not part of the trust property.
Does a trust override a previous Will?
Yes. If the property was transferred to a trust during the life of the testator it cannot be part of their estate after their death. Therefore, even if that property is mentioned in the Will, it is already gone from the estate and is now part of the trust property.
