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Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
At the conclusion of a GRAT what is the cost basis of the stock for the beneficiary grantors original cost or grantors cost on the date GRAT started or cost on the date of transfer to the beneficiary?
Cost basis is equal to cost basis of original grantor plus any gift tax paid (the same as if the beneficiary had received the stock directly as a gift)
What is the Successor's legal obligation to an estate after last surviving Grantor dies?
The Successor's legal obligation to an estate after the last surviving Grantor dies is to administer the estate according to the terms outlined in the Grantor's estate planning documents, such as a will or trust. This may involve distributing assets to beneficiaries, settling any outstanding debts or taxes, and fulfilling any other instructions specified by the Grantor. The Successor is required to act in the best interests of the estate and its beneficiaries.
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
When a grantor does not wish to convey certain property rights?
Those rights must be reserved by the grantor if the property is transferred to a new owner. This is often an issue in certain regions in cases involving mineral rights.
What does reserved by the grantor herein mean?
"Reserved by the grantor herein" typically refers to a specific right or interest that the grantor retains after transferring property or rights to another party. This phrase indicates that, despite the conveyance, the grantor maintains certain privileges, such as access, use, or control over the property. It is essential in legal documents to clarify what rights are not transferred to the grantee.
How do you write a grant proposal to start a small business?
Your first challenge will be to find grantors willing to invest in your type/ style of business. Once you identify grantors, then you can solicit details for their requirements in order for you to qualify for their grant. Writing the grant proposal simply implies that you've done enough 'homework' about your business and your potential market, so that you can address all the questions and situations listed in the grant proposal form supplied to you by the grantor.
What does joint tenants with quitclaim covenants mean and do the heirs of the joint tenants have rights to the property?
First, a quitclaim deed transfers any interest in the property owned by the grantor in the deed. It does not guarantee that the grantor owns the property. Ownership must be confirmed by a title examination performed by a professional.When the grantees in the deed acquire as joint tenants that creates a special relationship between those grantees in the case of death. If one dies the surviving joint tenantautomatically becomes the sole owner of the property. The heirs of that decedent have no rights to the property.When that surviving joint tenant (who is now the sole owner) dies, the property will pass to their heirs according to the provisions in their Will or according to the laws of intestacy if they have no Will.
What if the grantor is deceased does the grantee sign as both on the recorder of deeds?
If the grantor is deceased the land can't be transferred unless the title was legally passed to a new owner through probate. You need to consult with an attorney who specializes in probate and real estate law.
In a divorce situation in Florida should both the husband and wife be grantors on a quit-claim deed when conveying the property to one of the spouses as grantee?
Only the spouse who will not be getting the property needs to be a grantor on the deed. In essence, one of the spouses is surrendering their share of the property over to the other.
What is a grantor?
A Grantor conveys whatever title the Grantor possesses in real estate to a grantee, the buyer. Grantor = seller.
How do you get a quitclaim deed notarized if grantors live in different states?
The deed should be drafted in the state where the land lies and then sent by registered mail or commercial currier to the grantor. The grantor must sign the deed in front of witnesses and a notary and return it the same way it was sent.If there are several grantors, the deed should be drafted on one page (or however many pages are required) and the signature/witness/notary pages should each be self-contained. That way, each grantor could keep a copy of the deed they signed for their records and just return the signature page. Once all the signature pages have been returned signed, witnessed (if necessary) and notarized, they can be attached to an original copy of the deed and the deed should be recorded immediately.This type of complex transaction should be handled by an attorney, or, by an extremely professional and organized agent who will handle it correctly, handle the distribution of the proceeds correctly and keep copies of all the checks and receipts for costs. The mail or currier fees will add up and there will be recording fees. Any fees should be deducted from the proceeds before they are distributed. A copy of the recorded deed should be sent upon request to any of the grantors.
