Trust Real Estate: Understanding Trust Property Transactions
Whether you are looking to buy or sell a property held in a Trust throughout greater Los Angeles, as Certified Trust Real Estate Specialists, we are here to guide and assist you through the process. We have the expertise to handle the complexities of Trust transactions, ensuring a smooth experience from pre-listing preparation through the close of escrow. We understand that buying and selling properties held in Trust can be more complicated than standard real estate transactions. That's why it's crucial to work with professionals who have an in-depth knowledge of these issues. By working with us, you can avoid potential pitfalls and save both time and money.
What is a Trust?
A “Trust” is a legal arrangement created to hold assets for the benefit of certain individuals or entities. The “Trustor” is the person who establishes the Trust, while the “Trustee” is authorized to manage and hold the property for the beneficiaries. A “Revocable Trust” is when the Trustor retains the power to revoke the Trust and an “Irrevocable Trust” is a Trust that cannot be changed. It's important to note that real estate held in a Trust typically avoids the Probate process.
What is a Living Trust?
A “Living Trust,” also known as an “Inter-Vivos Trust,” is established during a person's lifetime to distribute money or property to designated beneficiaries. This type of Trust has a duration specified at its creation and can involve distributing assets during or after the Trustor's lifetime. One advantage of a Living Trust, compared to a Will, is that Probate of real property may not be necessary after the Trustor's passing.
What is a Testamentary Trust?
A “Testamentary Trust” is created through the terms of a Will to manage assets bequeathed to beneficiaries. Unlike a Living Trust, a Testamentary Trust takes effect upon the Trustor's death.
Buying Trust Real Estate
If you are interested in purchasing a property held in a Trust, as Certified Trust Real Estate Agents, we can assist and guide you through the negotiation process, ensure that your transaction includes all the necessary paperwork to complete your purchase of real estate held by the Trust, and do our best at all times to provide you with a smooth and successful closing.
Selling Trust Real Estate
For those looking to sell a Trust property, as Certified Trust Real Estate Specialists, we will work closely with you to determine the optimal pricing strategy, effectively market the property, and handle all necessary paperwork and any other requirements involved in the sale. Our goal is to help you maximize the value of your Trust real estate while ensuring a seamless transaction.
When dealing with Trust real estate, it is essential to have the guidance of experienced professionals who understand the complexities involved. Therefore, whether you are buying or selling a property held in a Trust, our team is here to assist you every step of the way. So, if you’re ready to make a Trust real estate sale or purchase, please reach out to us for personalized assistance, and let us help you navigate the intricacies of Trust property transactions in Los Angeles County.
For additional information concerning Probate, Trusts and Conservatorships, you can also visit the CALIFORNIA COURTS JUDICIAL BRANCH website, the LOS ANGELES SUPERIOR COURT PROBATE website, the CALIFORNIA LEGISLATIVE INFORMATION website (for the Probate Code) and our GLOSSARY.*
*Please note that the foregoing is for informational purposes only and does not constitute legal advice. For legal advice concerning any and all aspects of Probate, Trusts or Conservatorships, you should contact your attorney.