Need to Sell a Trust Property?
The Sanborn Team has more than 30 years of experience assisting Trusts, Trustees, and Beneficiaries with the sale of real property.
- WHAT IS A TRUST? A Trust is a contract between a Trustor and a Trustee for the benefit of one or more other persons or entities (the Beneficiary). A Trust is also a legal entity. A Trust can control only assets that are funded into the trust. More importantly, a Trust comprises the instructions for how to deal with the assets that the Trust owns.
- WHO CREATES THE TRUST? The person or entity who sets up a Trust is called a Trustor or Grantor or Settlor or Trustmaker. The Trustor is always the Trustor (even post death).
- WHO CONTROLS THE TRUST? The person or entity that controls and manages the assets of the Trust is known as the Trustee. The Trustee is a fiduciary, like an administrator or an executor in a probate sale, holding legal title, but not full title, to the property in the Trust. The Trustee may change over time.
- WHO BENEFITS FROM THE TRUST? The person(s) who are intended to benefit from the Trust are known as Beneficiaries. The Trustor, the Trustee(s), and the Beneficiaries need not be different people (as stipulated by state law).
- WHAT IS A TRUST SALE? In a trust sale the Trustee acts to follow instructions created by the Trustor to sell real property. The Trustee can hire advisors, such as Realtors, CPAs and attorneys. The assets and proceeds from a Trust sale are designated for the welfare of the Beneficiary, not the Trustee.
If you are a Trustee contemplating the sale of real property, The Sanborn Team has decades of experience representing sellers of real estate through trust, probate, and conservatorship. We work closely with your attorney and financial advisors to assure that you understand the sale process and the implication of your decisions along the way. Please contact us for additional information.