Posted on: 13th Dec, 2007 04:44 pm
Mom's home in a family trust - brother & sister are co-executors of the trust. One sibling plans on living in the home - will eventually buy out the other. How do we get the home from the trust to individual ownership?? Quitclaim deed and promissory note??
hello rmoore,
is your brother and sister also the beneficiary of the trust?
you can transfer the ownership rights of the property to the individual with the help of a quit claim deed.
is your brother and sister also the beneficiary of the trust?
you can transfer the ownership rights of the property to the individual with the help of a quit claim deed.
Hi Rmoore,
Welcome to this forum.
Now I would like to know (sorry to ask) is your mother alive? If so she can quitclaim and transfer the property to you all. If not, then you need to contact an attorney. He will help better in this regard.
Thanks,
Larry
Welcome to this forum.
Now I would like to know (sorry to ask) is your mother alive? If so she can quitclaim and transfer the property to you all. If not, then you need to contact an attorney. He will help better in this regard.
Thanks,
Larry
If the terms of the trust allow the house to be sold, the executors can sell the house using a deed. I recommend a Grant Deed, with you and your sister signing as follows: "John Smith and Jane Smith, co-executors of the [Trust Name]".
