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Massachusetts Sale of Trust Estate

Massachusetts Sale of Trust Estate

Name: Massachusetts Sale of Trust Estate
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (297 reviews)

Category:

Massachusetts Probate - Statewide - Trusts

State:

Massachusetts

Control #:

MA-C3P82

Format:

Instant download

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Description

This form is a Sale of Trust Estate filing for use in the Massachusetts Probate and Family Court. When it is determined that a Trust Estate will be sold in the course of settling the affairs of a deceased individual, this form is submitted to the court for the judge to approve.

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FAQ

As trustee, you manage the trust and its assets yourself.If your trust holds a home and you sell the property, and if you realize capital gains, you must report the gains on your personal tax return. Your gain is the sales price less what you paid for the property and the cost of any improvements you made.

The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.

When selling a house in a trust, you have two options you can either have the trustee perform the sale of the home, and the proceeds will become part of the trust, or the trustee can transfer the title of the property to your name, and you can sell the property as you would your own home.

Under Probate Code section 21133, any beneficiary set to receive a specific gift has a right to receive that gift. In other words, a Trustee cannot sell a house that is specifically given to a named beneficiary.The only exception being if the house must be sold to pay the debts of a decedent or of a trust.

Since the Schedule of Beneficiaries to a trust is not recorded with the Declaration of Trust at the Registry of Deeds, the identity of the Beneficiaries is not a matter of public record.There are two types of Trusts in Massachusetts.

Trust property refers to the assets placed into a trust, which are controlled by the trustee on behalf of the trustor's beneficiaries.Estate planning allows for trust property to pass directly to the designated beneficiaries upon the trustor's death without probate.

Trusts in Massachusetts are governed by the Massachusetts Uniform Trust Code, codified at G.L.c. 203E.The trustee's certificate is recorded either immediately upon the trust's acquisition of real property, or when the trustee acts upon the title 1.

Unlike a Will, which has to be filed with the court at the start of the probate process, a Revocable Living Trust generally does not have to be filed or recorded anywhere. Unless there's a lawsuit concerning your trust, it won't become a matter of public record.

Massachusetts Sale of Trust Estate

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FAQ

What happens when you sell a property in a trust?

Who owns the property in a trust?

How do you sell property in a trust?

Can a beneficiary of a trust sell the property?

Are trusts public record in Massachusetts?

What does it mean when a property is owned by a trust?

Are trusts recorded in Massachusetts?

Do trusts have to be filed in court?

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