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The Water Cooler
General Discussion
How to sell land in a defunct trust?
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<blockquote data-quote="okcBob" data-source="post: 4256769" data-attributes="member: 45783"><p>I would get a copy of the trust & show it to an estate lawyer. If all trustees have passed, the trust will give direction on who controls it. The lawyer will be able to answer all questions on if it’s in effect, costs, & roadblocks to making you the trustee. He can also give advice on keeping it vs selling, etc. It’s worth the cost of a one time visit to a lawyer.</p><p></p><p>BTW, I just placed all my asset's, property, etc into a revocable trust & will. This is to make it seamless for my kids when my wife & I pass, as it will prevent probate court. So I am no longer the owner of anything, the trust is the owner. However, as the trustee I control the trust & can make changes as needed. Very interesting stuff.</p></blockquote><p></p>
[QUOTE="okcBob, post: 4256769, member: 45783"] I would get a copy of the trust & show it to an estate lawyer. If all trustees have passed, the trust will give direction on who controls it. The lawyer will be able to answer all questions on if it’s in effect, costs, & roadblocks to making you the trustee. He can also give advice on keeping it vs selling, etc. It’s worth the cost of a one time visit to a lawyer. BTW, I just placed all my asset's, property, etc into a revocable trust & will. This is to make it seamless for my kids when my wife & I pass, as it will prevent probate court. So I am no longer the owner of anything, the trust is the owner. However, as the trustee I control the trust & can make changes as needed. Very interesting stuff. [/QUOTE]
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