The Basics of a Trust
In legal circles, a Trust is an agreement between a trustor and trustee, for the purpose of the trustee to hold title to and administer designated assets of the trustor, including real estate, for the use and benefit of one or more beneficiaries.
Below are common questions and answers about trusts:
Can a trust itself acquire and convey interests in real property?
No. The trust is an arrangement between a trustee and a 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.
What will the title company require if a trustee holds the title to the property which is part of the trust?
- A certification that the trust and amendments (if any) are complete, the names of the present trustees of the trust, and a statement that the trustees are empowered by the trust to complete the proposed transaction.
- At the discretion of the title company, a full copy of the trust and any amendments.
My trust contains certain amounts of money to be given to various charities which I’d like to keep private. Can I omit these pages?
No, because many different provisions may be on the same page. But if the title company requires a copy of the trust, it may accept a copy with those amounts blacked out.
Can the trustee give someone power‐of‐attorney?
Only if the trust specifically provides for the appointment of an attorney in-fact.
Here is How Maher Probate Realty Can Help:
As the administrator of a trust, you have a world of responsibilities to manage. You must deal with the court, trustees, the beneficiaries and heirs, and a number of professionals. You must expedite transactions in a manner consistent with court requirements and timelines.
It is critical to choose the right brokerage when real estate is involved. Maher Probate Realty is uniquely qualified to help you with any type of property owned in your trust.
Company president, Oron Maher, is a Licensed Real Estate Broker and Attorney. He has been selling Real Estate in California for over 20 years. He is a member of the Beverly Hills Bar Association and served as Chair for four consecutive years. He is also a member of the Trusts and Estates section of the Beverly Hills Bar Association. This distinction, along with our proprietary 36-Point Service Plan, will give you unparalleled support and results.
Here are the Benefits We Offer:
Research of title and tax issues, along with suggestions for solving any problems
Analysis of the market position of the property along with current market trends
Ability to explain the sale process to buyers and agents involved in the transaction
Custom-tailored communication to fit your preference: your choice of email, phone calls, voicemail, text or combination
Property management, including rent collection, property clean-up, repairs, evictions and maintenance of building and grounds
Proper paperwork and forms for the probate sale
Accurate use of court confirmation language in all related contracts and documents
Analysis and communication of all issues affecting the marketability of the property, including photos and documentation
Expert strategies and proprietary marketing systems for hard-to-sell properties, including properties that are vacant, neglected, damaged, stigmatized or impacted by any adverse issues
Weekly email updates regarding the status of the listing, including statistical information about sales activities, sales responses, prospective buyers, offers and Letters of Intent
Coordination and communication with all professionals and principals in the transaction. We treat all beneficiaries in a fair and neutral manner.