Here’s what you need to know about selling a trust property.
Are you the trustee of a trust who is looking to sell the property but you aren’t sure of the procedures? If so, here’s what you need to know:
Being the trustee of a trust and having responsibility for an estate are things that carry a lot of weight. The largest responsibility you’re likely to have in that position is handling the real estate property.
In most cases, a trust sale is quite similar to a standard real estate sale.
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Trust sales are different from probate sales because court approval is generally not required. However, there may be legal requirements to give notice to certain interested individuals in the process. In most cases, a trust sale is quite similar to a standard real estate sale, though the trustee is exempt from some documentation that would otherwise be necessary in the standard sale.
The trustee must match the trust estate solely for the benefit of the beneficiaries and also keep the beneficiaries of the trust reasonably informed of the administration. They also have a duty to take reasonable steps to preserve and control the expenses of the property in the trust, especially if it’s vacant, and ensure that it becomes a productive asset.
If you’d like further information or need help with the next step in determining the trust you’re involved with, please feel free to reach out to me. I’d be glad to help!