Can Someone Sell A Property That Is In A Trust?
Posted by Techyscouts | Posted on 02/03/2023
Before I dive into the topic, let me explain my purpose. I am a Trust, Estate, and Probate, real estate broker that Successor Trustees and Executors can lean on to help sell real estate after loved ones pass away.
Is It Possible to Sell a Home Within a Trust?
Money isn’t the only thing to include in a Trust. Real estate property such as a home, Apartment Building or other commercial properties can be part of a trust.
The steps to sell a property inside a trust depend on the type of Trust. A revocable trust allows the grantor (the person who created it) to change the terms after its creation or buy new real estate or sell existing Real Estate owned by a Trust.
Selling Real Property from a Revocable Living Trust
If you want to sell Real Property from a revocable trust, it is usually possible. The trust allows you, as the Trustee, to sell real property on your terms.
Grantors usually declare themselves trustees in the creation to their Revocable Living Trust. The money earned stays in the trust and you can even buy new property in the Trust.
In this topic, we are not discussing the tax consequences of selling real estate. Without careful planning you may wind up paying capital gains tax on the sale of the property. Luckily, there are ways to reduce or defer the tax. Contact me before you sell your property discuss strategies to reduce or defer capital gains taxes that may occur.
Selling Real Property from an Irrevocable Trust
An Irrevocable Trust usually arises after the death of the Grantor. The Successor Trustee must follow the terms of the Trust. However, it is usually possible to sell Real Property from an Irrevocable Trust. Please call me for a free consultation to discuss the possibility of selling Real Property from your Irrevocable Trust.
Attorneys in Los Angeles County trust their clients to be best represented by Real Estate Broker Mike Millea Mike provides expert guidance. Mike has over 30 years of experience in the real estate industry, so you are in excellent hands. Mike is the Trust, Estate, or Probate Real Estate Broker Los Angeles locals use for disposing of their real property inheritances. Call us or visit our El Segundo office to learn more about us or to schedule an appointment.