500 Centre Street Fernandina Beach, FL 32034 | 904.261.5571 | 800.940.8951
In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may only exercise the powers granted in the trust.
A certification of trust containing the following information:
Because many different provisions may be on the same page, the answer must be no -- but if the title company requires a copy of the trust, it may accept a copy with those amounts blacked out.
Maybe. The trust must specifically provide for less than all to sign.
Only if the trust specifically provides for the appointment of an attorney-in-fact.
If the trustor is not able to do so, or the trust provisions prohibit the trustor from appointing a new trustee, the court may do so.
Title is vested in the trustee. Hence, if the trustee is an individual or a corporation, then the new general form of acknowledgment will be prepared to reflect the intrinsic nature of the trustee.
“John Doe and Mary Doe, as trustees of the Doe family trust, under declaration of trust dated January 1,1992.”
Yes, the trustee is limited principally and most importantly by the provisions of the trust and, thus, may only act within the terms of the trust. The probate code contains general powers which, unless limited by the trust agreement, are sufficient for title insurers to rely on for sale, conveyance, and refinance purposes.
Article by CLTABack to Table of Contents
Amelia Island Homes for Sale. Search Amelia Island MLS.
Amelia Island REALTORS® CENTURY 21 John T. Ferreira & Son, Inc.
500 Centre Street Amelia Island Fl 32034
Serving Amelia Island, Yulee FL, and Fernandina FL
©2018 Century 21 John T. Ferreira & Son, Inc. All rights reserved. CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 John T. Ferreira & Son, Inc. fully supports the principles of the Fair Housing Act and the Equal Housing Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Century 21 Real Estate LLC nor any of its affiliated companies.
Amelia Island Board of REALTORS ® MLS© 2019. All rights reserved. Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither the site, listing broker(s), nor Amelia Island Board of REALTORS ® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for "scraping" and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Listing information last updated on 2019-01-23.