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Home in the trust

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4Sharon99

Junior Member
I was left a home in a trust do i need to take it out of the trust? :confused: How long do i have if it has to be done?
 


4Sharon99

Junior Member
Home in Trust

:confused: The home is in Texas the trust was made in Michigan. Decendant passed in March of this year.
If i take it from the trust i have to change the name on the property?
 

anteater

Senior Member
:confused: The home is in Texas the trust was made in Michigan. Decendant passed in March of this year.
Are you the successor trustee?

If i take it from the trust i have to change the name on the property?
If the property is not re-titled into the name of the beneficiary(ies), then it remains the property of the trust.

You have started a number of threads relating to this general topic. You really sound as if you would be helped by consulting with an attorney with trust experience.
 

tranquility

Senior Member
I *thought* I answered the question and wondered where it went.

There is no legal answer beyond the trust wording. Everything else is just a balancing of choices.
 

4Sharon99

Junior Member
Home in Trust

I am afraid to change name because of mortgage. I am on the mortgage but he is too. My share of home ownership is only 1 percent his percentage is 99 percent. I can not refinance not enought income or full time employment or credit to do it. If they call the note i will loose the home, with no where to go with belongings and living quarters.
 

4Sharon99

Junior Member
Home in Trust

Yes i have asked a lot of questions. I have no where to talk to and not a lot of funds and have a large task of trying to sell bits and pieces and still try to keep the home.
 

FlyingRon

Senior Member
Yes i am executor and have inherited.:confused:
Who is executor is immaterial. It matters who the trustee is and what powers they are given by the trust document with regard to the property. Short of distribution by the trustee by the terms of the trust document, you've not inherited anything.
 

4Sharon99

Junior Member
Do i have to take the home out of the Turst

I was everything in the trust and trustee. There were no others involved or that should inheirt or distribute to:confused:.
 

FlyingRon

Senior Member
If you are the trustee, and the trust authorizes it you can deed it from the trust to yourself. You'd best be advised to get a lawyer to prepare the deed and to file it. You may wish to obtain title insurance. 99% thing is confusing. Did the trust own 99%? How is the house currently titled?
 

tranquility

Senior Member
99% is the confusing thing?

Here I'm thinking that the OP is either someone who has no business being trustee, or that she/he is writing for someone else. I mean how many facts do we have which are useful here?

1. There is a home in a trust.

2. The OP thinks it is his.

3. He is the trustee and wonders how to take it out of the trust.

Quite frankly, I'm unsure of 1. 2 is literally true, but may not be true in reality. 3 just points out the OP needs professional help.
 

4Sharon99

Junior Member
Home in Trust

The home is titled 1 percent in my name trustee /executor and 99 percent in decendants name my father. :confused: No decite intended just trying to do what protectd mi from a refinace and allows me to protect my / his home for lost to mortgage co. but want to do what is legal but good for me also.
 

anteater

Senior Member
I'm lost.

You mean that the title is something like:

4Sharon99, as Trustee of the XYZ Trust (1%) and 4Sharon99's Father (99%)[substitute your father's name]?
 

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