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Need to Sell a Trust Property?
Sell Trust
Matt McGilvray has over 30 years of experience assisting trusts, trustees, and beneficiaries with the sale of real property.
What is a Trust?
A trust is a legal arrangement between a Trustor and a Trustee for the benefit of one or more persons or entities known as Beneficiaries. It serves as a legal entity that can only control assets that have been funded into it. Importantly, a trust outlines the instructions for managing the assets it owns.
Who Controls the Trust?
The Trustee is the individual or entity responsible for managing and controlling the assets of the trust. Acting as a fiduciary—similar to an administrator or executor in a probate sale—the Trustee holds legal title to the property within the trust but does not possess full ownership. The identity of the Trustee may change over time.
Who Creates the Trust?
The individual or entity that establishes a trust is referred to as the Trustor, Grantor, Settlor, or Trustmaker. Importantly, the Trustor retains their status as such even after passing away.
Who Benefits From the Trust?
The individuals intended to benefit from the trust are known as Beneficiaries. It is important to note that the Trustor, Trustee, and Beneficiaries do not have to be different individuals, as defined by state law.
What is a Trust Sale?
In a trust sale, the Trustee acts in accordance with the instructions set forth by the Trustor to sell real property. The Trustee has the authority to hire advisors, such as real estate agents, accountants, and attorneys. The assets and proceeds from a trust sale are designated for the benefit of the Beneficiaries, not the Trustee.
If you are a Trustee contemplating the sale of real property, the Matt McGilvray has decades of experience representing sellers of real estate through trusts, probate, and conservatorships. We collaborate closely with your attorney and financial advisors to ensure you fully understand the sale process and the implications of your decisions along the way.
For more information, please contact us.