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You need to review the terms set forth in the instrument that created the trust and find the provisions that give the trustee the power to transfer real property. In order to be able to convey the title to the real estate the trust instrument MUST give that power to the trustee.
If the power to convey real estate is not given in the trust instrument then the trustee cannot convey the property out of the trust. In that case you must bring the matter before a judge. The judge can issue a decision that will grant the trustee the power to sell the real estate.
Until the property is transferred out of the trust legally, title remains in the trust. If a trustee executes a deed and they don't have the power to sell real estate, their deed is invalid.
Your question implies that you may have transferred your property to a trust without the assistance of an attorney. Trust law is extremely complicated and errors made by non-professionals can be extremely costly to correct if they can be corrected.Trusts should always be drafted by an attorney and any transfers should be supervised by the attorney.
What else can I help you with?
Can you transfer assets into an irrevocable trust?
Yes, but you cannot transfer them out.
Can you leave a house in your irrevocable trust?
Yes.
Can an irrevocable trust given to one spouse by parents be the others spouse's irrevocable trust as well?
We own the house my brother and me and I would to know if you can borrow on it. Thank You
Can an irrevocable trust be added to the deed of a house?
Trusts aren't "added" to deeds. If you want to transfer your property to a trust you need to consult with an attorney who specializes in trusts. The attorney will review your situation and your needs and draft a trust that conforms to state and federal laws. Then you will need to tranfers your property to the trustee of the trust by executing a deed. Once that's done you will no longer own the property. Title will be held by the trustee who will manage the property according to the terms of the trust.
Can the beneficiary of an irrevocable trust open a bank account with trust's EIN?
Absolutely....All one needs is to be the trustee of the irrevocable trust, have a Tax Identification number for the trust, and all documents for the estate, investments, shares, and accounts you are planning to transfer into the Trust account.
Can a will convey ownership of a house in an irrevocable Trust?
A will cannot convey ownership of a house that is held in an irrevocable trust because the trust itself determines the ownership and management of the property. Once a property is placed in an irrevocable trust, the grantor relinquishes control over it, and any changes to its ownership must be made according to the trust's terms. Therefore, the house would remain under the trust's provisions after the grantor's death, rather than being transferred via a will.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Can real estate that is deeded to an irrevocable trust be sold by the owner?
Absolutely not. The person who transferred the property to an irrevocable trust no longer owns the property. Their deed would be null and void. The trust can sell the property as long as that power was granted to the trustee in the Declaration of Trust. For an effective transfer of the property the deed of transfer must be executed by the trustee.
How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
Can Medicare or Medicaid pierce an irrevocable trust?
It depends on how the trust is drafted. A properly drafted irrevocable trust, in Florida, will be invisible to Medicaid (Medicare doesn't factor assets into whether or not one is qualified the way Medicaid does). However, transfers of assets into the trust must be done 5 years before applying to medicaid or medicaid will assess a transfer penalty (this is referred to as the "five year lookback"). The transfer penalty is a period of ineligibility for certain medicaid benefits depending on the size of the transfer. As a result, irrevocable trust planning would not be appropriate for all Medicaid planning scenarios.
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
