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Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
Do beneficiary names need to be on a deed that is in the name of the trust?
No. If the trust was created to hold the real property then the trustee of the trust will be listed as the owner. If the beneficiaries are listed in a deed as the owners the property will no longer be held in trust. The property must be held in the name of the trust OR the name of the beneficiaries of the trust as individuals.
Can property held in a trust be seized by a court order?
Yes. There are circumstances whereby a court can order the transfer of property held in a trust.
Can a trustee get a loan on the property held in trust to pay off heirs?
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
Can a name be added to living trust property?
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.
Does a will over ride an existing living trust?
A will can only distribute property owned by the testator at the time of their death. If the property is in a trust it is not a part of the testator's estate. However, the trust may have provisions as to the distribution of the trust property upon the death of the trustor. However, you should consult with an attorney who can review the situation and explain your rights and options, perhaps the attorney who is handling the estate.
How long must a property be held to be considered a long lived asset?
24 months
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property?
Q. Who is responsible for homeowners insurance the beneficiary of the trust or the person with a life estate interest in the property? A. If the property is a (personal residence, family farm, rental property or even a vacation property) held in trust.Regardless of a life estate for a named beneficiary. The property tax payable would be the responsibility of the owner of the property listed on the property deed. In this case it appears that the owner of the property is the trust. Therefore the trust would be responsible for the tax. The remainderman beneficiary nor the current beneficiary enjoying a life estate in the property would owe the property tax.
Can a child in UK own property?
No. Property can be held in trust for the minor until they reach the age of majority.
Can a person that is not listed on the mortgage be held liable?
In a communtiy property state, yes.
