Mary Lou Skowronski 949-355-6169 Contact Me |
DON'T MISS A NEW LISTING AGAIN! Register Now FREE AUTOMATED EMAIL UPDATES |
What's Your Home Worth |
In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may only exercise the powers granted in the trust.
A certification of trust containing the following information:
Because many different provisions may be on the same page, the answer must be no -- but if the title company requires a copy of the trust, it may accept a copy with those amounts blacked out.
Maybe. The trust must specifically provide for less than all to sign.
Only if the trust specifically provides for the appointment of an attorney-in-fact.
If the trustor is not able to do so, or the trust provisions prohibit the trustor from appointing a new trustee, the court may do so.
Title is vested in the trustee. Hence, if the trustee is an individual or a corporation, then the new general form of acknowledgment will be prepared to reflect the intrinsic nature of the trustee.
“John Doe and Mary Doe, as trustees of the Doe family trust, under declaration of trust dated January 1,1992.”
Yes, the trustee is limited principally and most importantly by the provisions of the trust and, thus, may only act within the terms of the trust. The probate code contains general powers which, unless limited by the trust agreement, are sufficient for title insurers to rely on for sale, conveyance, and refinance purposes.
Article by CLTA
Back to Table of Contents
Mary Lou Skowronski DRE: 01398486 / Broker DRE: 01317331
Berkshire Hathaway HomeServices California Properties
1400 Newport Center Drive, #200 - Newport Beach, CA 92660
© “2020” BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of
BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property,
Information obtained from various sources and will not be verified by broker or MLS.
Designations Ranks Agent Mary Lou Skowronski in the
Top 1% of Realtors Nationwide!
* NABPOP BPO Certified Property Valuator * CPRES Certified Probate/Trust Real Estate Specialist * Investor Certified Realtor, * ePRO – Internet Marketing Professional
* Luxury Property Specialist * AREAA – Asian Real Estate Association of America * Designer and Accredited Home Staging Specialist
* REO and Short Sale Specialist, * PSC Mastery HAFA Foreclosure Prevention Counselor
©2024, California Regional MLS (CRMLS). All rights reserved.
This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information last updated on 2024-03-28 17:30:04.