Selling a Property Held in Trust: What You Need to Know

Posted by Techyscouts | Posted on 02/12/2025
  •  Real Estate

    • Unfortunately, not everything is as straightforward as you may want it to be when it comes to selling a home. This holds especially true when a property is held in a trust instead of a personal name. We’ll dive into some details below on how you correctly sell a property in a trust.

    Trust Types | West LA Trust Real Estate Broker

    Any good trust real estate Los Angeles broker can help you determine the type of trust in which a piece of real estate is held. Generally, there are three different types of trusts where a piece of real estate can be held. These include a revocable trust, irrevocable trust, and testamentary trust. The overall selling process will vary greatly depending on the type of trust the real estate is in.

    A revocable trust, also known as a living trust, is going to be the easiest type of trust to sell a house under because the grantor is the one who has complete control over what happens to the property. They may choose to sell the property at their discretion and have full rights.

    An irrevocable trust can be more complex because of the number of people involved. To sell a property in an irrevocable trust, the trustee must be the one that initiates the sale. A trustee is the person in charge of the entire irrevocable trust. It’s also important to know that depending on the specific guidelines in the trust, the trustee may need to gain the approval of all the trust beneficiaries to sell the property.

    A testamentary trust is set up whenever a grantor dies and their will is being carried out. This type of trust is typically set up to help distribute the grantor’s assets to their designated beneficiaries and is subject to the probate process.

    If you need a reliable West LA Trust Real Estate Broker, then be sure to phone the pros at Michael Millea today for assistance.

    Gather Documents and Give Notice of Intent

    One of the most crucial things you’ll want to do is gather all the trust documents. These legal documents will outline who has the authority to authorize the sale of the property and are necessary to supply to the title company for them to do the paperwork on the sale.

    It can be beneficial to discuss your intent to sell the property with all those involved with the trust, whether that be beneficiaries or the trustee. Everyone must understand what’s going on so that any concerns can be addressed before listing the property with a real estate agent.

    If you’re looking to sell a trust real estate in Los Angeles, then be sure to contact the team at Michael Millea today for expert assistance.

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