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Thank you so much for visiting today.  If this is your first visit, take your time and look around.  There is plenty of information and resources available to you as a home buyer, seller or investor.  If you are a return visitor, thank you.  I hope you find my website easy to navigate. Please feel free to contact me if you have any questions regarding properties you see for sale or if you are interested in selling your home. I look forward to working with you.   

Andrea L. Bu…

 

Andrea Butler on Zillow

Andrea Butler on Zillow

 

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Living Trusts

Estate planners often recommend Living Trusts as a viable option when contemplating the manner in which to hold title to real property. When a property is held in a Living Trust, title companies have particular requirements to facilitate the transaction. While not comprehensive, answers to many commonly asked questions are below. If you have questions that are not answered below, your title company representative may be able to assist you, however, one may wish to seek legal counsel.

Who are the parties to a Trust?

A Family Trust is a typical trust in which the Husband and Wife are the Trustees and their children are the Beneficiaries. Those who establish the trust and transfer their property into it are known as Trustors or Settlors. The settlors usually appoint themselves as Trustees and they are the primary beneficiaries during their lifetime. After their passing, their children and grandchildren usually become the primary beneficiaries if the trust is to survive, or the beneficiaries receive distributions directly from the trust if it is to close out.

What is a Living Trust?

Sometimes called an Inter-vivos Trust, the Living Trust is created during the lifetime of the Settlors (as opposed to being created by their Wills after death) and usually terminates after they die and the body of the Trust is distributed to their beneficiaries.

Can a Trust hold title to Real Property?

No, the Trustee holds the property on behalf of the Trust.

Is a Trust the best way to hold my property?

Only your attorney or accountant can answer that question. Some common reasons for holding property in a Trust are to minimize or postpone death taxes, to avoid a time consuming probate, and/or to shield property from attack by certain unsecured creditors.

What taxes can I avoid by putting my property in trust?

Married persons can usually exempt a significant part of their assets from taxation and may postpone taxes after the first of them to die passes. You should check with your attorney or accountant before taking any action.

Can I homestead property that is held in a Trust?

Yes, if the property otherwise qualifies.

Can a Trustee borrow money against the property?

A Trustee can take any action permitted by the terms of the Trust, and the typical Trust Agreement does give the Trustee the authority to borrow and encumber real property. However, not all lenders will lend on a property held in trust, so check with your lender first.

Can someone else hold title for me “in trust?”

Some people who do not wish their names to show as titleholders make private arrangements with a third party Trustee; however, such an arrangement may be illegal, and is always inadvisable because the Trustee of record is the only one who is empowered to convey, or borrow against, the property, and a Title Insurer cannot protect you from a Trustee who is not acting in accordance with your wishes despite the existence of a private agreement you have with the Trustee.

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Andrea L. Butler
Realtor®, ABR, e-PRO, SFR, ASP
Relocation Specialist
Weichert,Realtors-The Freedom Group
901 Second Loop Rd.
Florence, SC 29505
Office: 843.673.9181
Mobile: 843.615.0021
ABButlerHomes@gmail.com
www.facebook.com/AndreaButlerHomes

Testimonials

Our family has worked with Andrea for almost 10 years on the purchase and sale of dozens of rental properties. We highly recommend her to anyone who wants a trustworthy pro in their corner. She's easy to get in touch with, responsive, respectful, and will work hard to make sure you get what you need to be happy at closing. REQuest Properties- 2012
In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! Satisfied Seller- 2011
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