How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 36622
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
19958803
Type Your Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

How does a title company determine if the proceeds of

Customer Question

How does a title company determine if the proceeds of selling a home go to an estate or the trust when the owner has passed away? The property is in the name of the trust.
Submitted: 9 months ago.
Category: Estate Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

A trust and an estate are two completely different legal entities with regard to which owns a particular asset.

.

This is determined by who is the legal record owner on the deed. If it is the trust, then the trustee has to sign on any sales documents and the deed and they would receive the proceeds from the sale to put back into the trust. The trustee would then distribute the assets according to the directives in the trust.

.

If the property deed was in the name of the deceased, it is part of their estate and any executor would be the one to sell it with the proceeds going into the estate to be distributed according to the terms of the will.

.

So it is a pretty simple process..

.

.

thanks

Barrister

Customer: replied 9 months ago.
It sounds simple enough. But that was not the end result in my situation. The title company was adamant to put the proceeds into the estate. Thank you for your info
Expert:  Barrister replied 9 months ago.

Ok, the only way the proceeds would go into the estate is if the trust actually stated that that is where they were to go. Otherwise, they go into the trust in care of the trustee..

.

The title company shouldn't be determining where the proceeds go anyway.. They should just conduct a closing, and then hand a check for the proceeds over to the trustee who would have had to have signed the deed at closing to finalize the sale..

.

As an aside, I used to be a closing attorney for 4 different lenders..

.

And you are very welcome. Happy to help any time..

.

.

thanks

Barrister