Posted on: 22nd Jan, 2007 10:37 am
If a person has a property in a Trust and that person dies, does that property go to Probate if there is a Will? I am the Executor of the Will . . . where do I start? Who needs to be notified? The property is to be sold and divided among 5 children. They live out of the country and do not have papers to come to the U.S.
As per laws for living trust property, probate is not a requirement. After death of the person who has formed the trust the successor trustee can distribute the property in the trust. The distribution is made as specified in the trust documents without going to probate court for taking permission about the distribution.
"If a person has a property in a Trust and that person dies, does that property go to Probate if there is a Will?"
If that person acquires any property after the trust was created then it will not be part of the trust property. After his death that portion of the property will be distributed as mentioned in the will.
If that person acquires any property after the trust was created then it will not be part of the trust property. After his death that portion of the property will be distributed as mentioned in the will.
Hi Stephanie,
Welcome to forums.
The trust property need not go through probate. This is in fact one of the biggest advantages of transferring property into a trust. After the death of the property owner, the successor trustee managing the trust property transfers the ownership to the beneficiaries named in the trust.
The process takes a few weeks but there isn't any lawyer or court fee to pay. After the entire property is distributed among the beneficiaries, the living trust stops to exist.
Thanks,
James.
Welcome to forums.
The trust property need not go through probate. This is in fact one of the biggest advantages of transferring property into a trust. After the death of the property owner, the successor trustee managing the trust property transfers the ownership to the beneficiaries named in the trust.
The process takes a few weeks but there isn't any lawyer or court fee to pay. After the entire property is distributed among the beneficiaries, the living trust stops to exist.
Thanks,
James.
Hi Stephanie,
Welcome to the forum.
Even if a person has property transferred into a living trust, he may still require a Will. This legal document helps a person to transfer property which is not included into the trust. For instance, if you transfer property which you shortly acquire prior to your death, you may not transfer it into your trust. Instead, you may include a clause in the Will by which you can transfer the acquired property to someone else other than your beneficiaries named on the trust.
Now, what you need to do is contact the property heirs and inform them about the distribution. It's their responsibility to arrange for the papers and come to the US. Until and unless they arrive, I don't think you can sell the property.
Hope you will get some help from these details.
God bless you.
Samantha
Welcome to the forum.
Even if a person has property transferred into a living trust, he may still require a Will. This legal document helps a person to transfer property which is not included into the trust. For instance, if you transfer property which you shortly acquire prior to your death, you may not transfer it into your trust. Instead, you may include a clause in the Will by which you can transfer the acquired property to someone else other than your beneficiaries named on the trust.
Now, what you need to do is contact the property heirs and inform them about the distribution. It's their responsibility to arrange for the papers and come to the US. Until and unless they arrive, I don't think you can sell the property.
Hope you will get some help from these details.
God bless you.
Samantha
Hi,
Hope you can help. My grandmother is 90 years old. She is living in her own house and has a small commercial rental property that she is renting oug now. They are both in her name. I was thinking about a trust for both. How hard is this to do and when she passes can we rent out both properties? thank you
Hope you can help. My grandmother is 90 years old. She is living in her own house and has a small commercial rental property that she is renting oug now. They are both in her name. I was thinking about a trust for both. How hard is this to do and when she passes can we rent out both properties? thank you
Hi Brenda,
As far as I know, you will be able to include both the property in the trust. However, in order to do that you will have to take the help of an attorney. In my opinion, you will be able to rent the property. However, your attorney will be the best person to let you know whether you will be able to rent the property or not.
Thanks
As far as I know, you will be able to include both the property in the trust. However, in order to do that you will have to take the help of an attorney. In my opinion, you will be able to rent the property. However, your attorney will be the best person to let you know whether you will be able to rent the property or not.
Thanks