A deed of trust (DOT), also known as a trust deed, is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note. It’s similar to a mortgage, but differs in that mortgages only includes two parties (borrower and lender). The laws of each state determine whether to use a deed of trust or a mortgage.Continue reading “What is a Short Form Deed of Trust?”
When we die, another person becomes responsible for managing the assets we leave behind. If we die testate (with a will), this person is called an executor. If we die intestate (without a will), or other specific situations occur, the court supervising the probate estate appoints an administrator. Once the executor or administrator is in place, Indiana laws do not distinguish between the terms, and simply identify this individual as a “personal representative.” See IC 29-1-1-3(23) for the list of titles included under this name.Continue reading “Understanding Personal Representative Deeds During Probate in Indiana”
The affidavit of trustee for real property transactions is codified at Minn. Stat. § 501C.1014. It contains sworn statements made by a trustee regarding the trust which they are representing and their authority to enter into the transaction affecting the real property described in the affidavit.Continue reading “Guide to Affidavit of Trustee Documents in Minnesota”
A trust is a legally binding arrangement whereby a settlor transfers title to another person, the trustee, for the benefit of a third, the beneficiary. Trusts in Massachusetts are governed by the Massachusetts Uniform Trust Code, codified at G.L.c. 203E.Continue reading “Understanding Massachusetts Trusts, Trustee’s Deeds, and Trustee Certificates”
Under R.S. 9:1732, trusts under the Louisiana Trust Code are either testamentary (to take effect upon the settlor’s death) or inter vivos (to take effect upon the trust instrument’s execution). Find the laws governing trusts and trust administration codified as the Louisiana Trust Code at R.S. 9:1721-9:2252.Continue reading “Conveying Real Property from a Living Trust in Louisiana”
In the Commonwealth of Kentucky, trustees use the same deed forms applicable to regular transfers to convey real property out of a trust. The type of deed required depends on the type of warranty of title the trustee wishes to convey.Continue reading “Conveying Trust Real Estate in Kentucky”
Find the Illinois laws for dealing with a decedent’s real property at 755 ILCS 5/20.
Probate is a court-supervised, lawful distribution of a deceased individual’s assets. The nature of the probate case depends on whether the decedent died testate (with a last will and testament) or intestate (without a will). In both cases, someone acts as the decedent’s personal representative and performs the tasks associated with settling the estate.Continue reading “Transferring Real Property from an Illinois Estate”
Turns out, everyone! Everyone who records a trustee’s deed, anyway.
For any transfer of real property from a trust, Iowa requires a recorded trustee’s affidavit under Iowa Code § 614.14, to be recorded and delivered to the purchaser alongside the trustee’s deed that conveys the property.Continue reading “Iowa Trustee’s Affidavits – Who Needs ‘Em?”
When choosing a trustee’s deed in the State of Idaho, it is important to understand the difference between the two very different types of conveyances the term can refer to: the trustee’s deed as used in estate planning, and the trustee’s deed upon sale, used in cases of foreclosure of a deed of trust.Continue reading “Idaho Has Two Trustee’s Deeds – What’s the Difference?”
Arizona’s beneficiary deeds are governed by A.R.S. § 33-405.
Beneficiary deeds are estate planning instruments that allow owners of Arizona real estate to retain absolute control over their property, with the freedom to use, modify, or sell the land at will. When lawfully executed and recorded, beneficiary deeds convey a potential future “interest in real property, including any debt secured by a lien on real property, to a grantee beneficiary designated by the owner and that expressly states that the deed is effective on the death of the owner transfers the interest to the designated grantee beneficiary effective on the death of the owner,” subject to all the owner’s related obligations (§ 33-405(A)).Continue reading “Arizona Beneficiary Deeds and the Right of Survivorship”