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When creating an estate plan, it may be necessary to name a trustee to handle your assets. For example, if you're establishing a revocable living trust to pass on wealth to your spouse or children ...
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
Both individual and corporate trustees may charge fees for their services, [33] although individual trustees typically serve gratis when they are part of the settlor's family or the settlor him/herself. The term "co-trustee" may fool either the bank trust officer or the individual co-trustee into thinking their roles are identical.
The trustee sale is done by the trustee who is named in the trust deed or the appointed one by the trust deed beneficiary at the time the process of foreclosure is initiated by the beneficiary. An attorney, broker, trust deed services, lender subsidiary or the lender may be appointed to act as the trustee (USA Today 2019). Trustees have the ...
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
A trustee is responsible for managing the assets held in the trust on behalf of its beneficiaries. If you're the beneficiary of a trust, you may find it necessary to remove the trustee if you ...
Under the feudal system in England, a feoffee (/ f ɛ ˈ f iː, f iː ˈ f iː /) is a trustee who holds a fief (or "fee"), that is to say an estate in land, for the use of a beneficial owner. The term is more fully stated as a feoffee to uses of the beneficial owner.
Key takeaways. A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage ...