What is the name of your state (only U.S. law)? Tennessee
My husband is the trustee of his late mother's Living Trust. She left her home to him and his two sisters. My husband wants to purchase the sisters' 1/3 ownerships from them. This is the last asset in the estate, so when the ownership changes, the living trust can be closed (i.e., no more tax returns). The deed currently is in the name of her Living Trust. Can this be accomplished with quit-claim deeds from each of the sisters? Should the consideration be listed on the deed? What is necessary to record the deed besides the two quit-claim deeds from the sisters? Would the recorder's office need a copy of the trust?What is the name of your state (only U.S. law)?
My husband is the trustee of his late mother's Living Trust. She left her home to him and his two sisters. My husband wants to purchase the sisters' 1/3 ownerships from them. This is the last asset in the estate, so when the ownership changes, the living trust can be closed (i.e., no more tax returns). The deed currently is in the name of her Living Trust. Can this be accomplished with quit-claim deeds from each of the sisters? Should the consideration be listed on the deed? What is necessary to record the deed besides the two quit-claim deeds from the sisters? Would the recorder's office need a copy of the trust?What is the name of your state (only U.S. law)?