That depends on the provisions set forth in the trust. You need to review the trust. The trust document may provide that any one trustee can act or it may require that both trustees join in any action taken by the trustees.
bank mortgage was never recorded with the county. what happens
First of all, there is no "executor" of a trust even if the trust was created in a will. The administrator of the trust is a "trustee". Second, the answer most likely lies in the trust document itself. The terms of the trust will usually spell out the powers of the trustee. If the trust gives the trustee full power to sell property at his/her own discretion, as many trusts do, then the trustee can sell land without the beneficiaries' approval. If the trust does not spell out the trustee's powers, then you look to the laws of the state where the trust was created. Every state has laws that specify what trustees can and cannot do if the trust does not so specify. Some states give trustees full power to sell without interference from beneficiaries. Some states require the trustee to ask for court permission to sell land. When they go to court for this, the beneficiaries may object and the court will decide if the sale is proper or not.
You need to provide more details regarding the nature of the trust. Generally, if there is a trustee involved then title to the real estate is in the trust and not what you refer to as the "owner". The trust is the owner. The trustee powers are set forth in the document that created the trust. You need to review those provisions to ascertain the powers of the trustee for selling real estate.
The trustee has a fiduciary duty to the beneficiary of a trust. The trustee is the legal owner of the property of a trust. The beneficiary has no legal title to the property in the trust but may get use of the property without ownership. A beneficiary can show a breach of a fiduciary duty if the benefit, profit, or gain was acquiredWhile there was a conflict of interest: this most often occurs when the fiduciary does not serve the beneficiary's best interests.By taking advantage of the fiduciary position: this occurs when a fiduciary profits from his position, which is prohibited in the relationship
You cannot make any changes to the other owner's interest in the property without that owner's consent and signature. For example, if you sell the property the grantee will only receive your own one-half interest.
If the owner has filed bankruptcy the property cannot be sold. It is in the legal possession of the trustee in bankruptcy who cannot sell any property without the permission of the court. You can contact the court for the name and contact information of the trustee and direct any questions you may have to the trustee.
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
The self appointed trustee purchased a property as investment for his young son as beneficiary with the intention to manage it as long as necessary or until his death be passed on to his son without further ado. Is this position legally practicable in law?
Indemnity of a retiring trustee refers to the legal protection or compensation provided to a trustee who is stepping down from their role, ensuring they are not held liable for actions taken during their tenure. This typically involves the trust estate covering any potential claims or liabilities arising from the trustee's decisions or actions while managing the trust. It serves to encourage trustees to act without fear of personal financial repercussions as they fulfill their duties.
No, you are still entitled to all of your property unless the court says otherwise.
If, and only if, that power is set forth in the trust document. The only powers that trustees have over the trust property are those set forth in the provisions of the trust. You need to review the trust document. Keep in mind that trust law is extremely complex. Trusts should only be drafted by an expert in trust law and tax law.
==One Answer== A trustee to trustee transfer is the legal method used to transfer an IRA or SEP (retirement accounts) account to another entity. For example, if you have an IRA certificate of deposit mature at one bank and wish to transfer it to another bank with a higher interest rate you are not allowed to cash out the CD and transfer it yourself. You need to fill out forms at the new bank and a trustee to trustee transfer will be done between the two banks. Once you have deposited funds into a personal retirement account you cannot withdraw the money yourself without incurring penalties. The banks act as your trustees.