What happens when a trustee dies and there is no successor?
If there are no successor trustees nominated or they are unable or unwilling to act, the court must take immediate action to ensure that somebody is appointed. If there are no family members or other relatives willing to serve as the trustee, the court may appoint a professional fiduciary to serve as the trustee.
How to transfer real estate from trust to new owner?
See Transferring Real Estate Held in a Trust for more on transferring the property from the trustee to the new owner. If the real estate is the subject of a transfer-on-death deed: If the deceased person filed a transfer-on-death deed, that deed will specify the new owner of the property.
Who is the legal owner of a trust?
The trustees are the legal owners of the trust property, but are bound by law to make sure than the beneficiary or beneficiaries receive the benefit of the property.
Who is the sole owner of a property if the co-owner is still alive?
If the deed says title was held in joint tenancy or joint tenancy “with right of survivorship,” and the co-owner is still alive, then the surviving co-owner is now automatically the sole owner of the property.
What can a trustee do on the house when a person dies?
What Can a Trustee Do on the House When a Person Dies? Generally speaking, a trustee, the person in charge of a trust, has authority to sell, transfer, or otherwise convey real estate to the beneficiaries, although the creator, called the grantor, may have provided specific instructions or limited this individual’s powers in some way.
What happens if all the trustees of a trust have passed?
However, wills come with certain advantages, too. For example, a trust will run into problems if the trustees named in the document, as well as the successor trustees, have all passed away by the time the trust grantor passes away. No trustee will be available to manage the trust or make a claim against it.
What should a successor trustee do after the trust creator dies?
As an example, you could direct that all assets and property held in the trust be transferred to beneficiaries when you die. You may further state that the trust should then be closed. Your successor trustee is obligated to follow these and any other directives you establish.
See Transferring Real Estate Held in a Trust for more on transferring the property from the trustee to the new owner. If the real estate is the subject of a transfer-on-death deed: If the deceased person filed a transfer-on-death deed, that deed will specify the new owner of the property.
Can a trust be forced to sell a property?
E.g., If all owners of record agree they may sell it, If the property is held in trust the trust itself may allow the trustee to sell it. There is a type of court proceeding called a partition action in which a sale may be forced. Unfortunately, what your grandparents desired may not be the answer.