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Tina
Tina, Lawyer
Category: Real Estate Law
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Experience:  17 years of legal experience including real estate law.
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Are the parties to a land trust a trustor, trustee and beneficiary?

Customer Question

Are the parties to a land trust a trustor, trustee and beneficiary?
What is the function of the trustee and trustor?
Would one use a quit claim deed to convey a 50 % beneficial interest to an outside party?

Thanks
Donal
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Tina replied 1 year ago.
Hello and welcome,

The parties involve in a trust are typically the trustee and the beneficiary. The trust "res" is the property which is held in trust for the benefit of the beneficiary and administered according to the trust documents by the trustee.

If a transfer of the trust res is permitted by the trust documents, then the trustee could use a quit claim deed to transfer some interest in the trust res to a third party, but only if the transfer is permitted by the trust documents since the trustee could be held personally liable if they make transfers which are not allowed pursuant to the trust documents.

I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Customer: replied 1 year ago.

In my case, the trustee may very well be the spouse of the beneficiary and the beneficiary has agreed to a transfer of 50 % of the property held in the trust to her spouse.


 


So i assume the trustee is listed as the ' grantor" . Is the land trust also listed as a grantor? Since the trustee is the one receiving a beneficial interest ( a conflict of interest) then should the Beneficiary also sign the deed?


 

Expert:  Tina replied 1 year ago.
You would need to see how title of the property is held to determine who is the grantor. Any names on the title should typically be listed as the grantor on the quit claim deed.

The trustee should typically resign since receiving a personal benefit from the trust would typically involve a violation of their fiduciary duty to the beneficiary. The beneficiary is also bound by the trust documents and cannot typically consent to a transfer which is not permitted by the trust documents. Otherwise the trust documents could be rendered meaningless. The trust itself could be revoked though if it is a revocable trust.

I hope this helps clarify the situation for you. My goal is to provide you with excellent service – if you feel you have received anything less, please reply back as I am happy to address follow-up questions. Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 32721
Experience: 17 years of legal experience including real estate law.
Tina and 8 other Real Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Tina


I appreciate your timely responses. You have brought some clarity to this issue at hand. I agree that any further questions will be more or less addressed once i have the land trust document to review . Can i ask for you in the future ? or is it catch as catch can?


thanks


Don

Expert:  Tina replied 1 year ago.
Hello again, Don.

I would be happy to assist you again in the future. You can post your question in the question box from my profile page to request me. Here is a link to my profile page:

http://www.justanswer.com/law/expert-tina/

You are very welcome and have a wonderful weekend!

Kindly rate my service when I have answered your questions so I will be compensated for my time assisting you. Thank you!

Tina

Customer: replied 1 year ago.

I am ready to rate your services
Donal

Expert:  Tina replied 1 year ago.

There should be a series of smiley faces on your screen and you click on the one which corresponds to your level of satisfaction to rate me. Thank you very much!

Expert:  Tina replied 1 year ago.

Thank you very much for your positive rating of my service. It has been my pleasure to assist you and I hope you will ask for me should a future legal need arise.

If you receive a Customer Satisfaction Survey from JustAnswer, please consider scoring me a 9 or 10. It benefits my ability to assist you and other customers, and would be tremendously appreciated.

Thanks again and all the best to you.

Tina

Note: Please feel free to request me if you have future legal questions by typing your new question in the question box on my profile page. Here is a link to that page, which you can bookmark or add to your favorites: http://www.justanswer.com/law/expert-tina/. I look forward to hearing from you again should the need arise.

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