Do you own a house that’s technically held in a trust? If you’re considering selling a house in a trust before death, the process isn’t the same as for a home in your own name. Depending on the type of trust and your role, you may face complications that slow or block your efforts.
At My Tennessee Home Solution, we buy houses for cash in Smyrna and beyond. Daily, the team provides solutions for people making difficult decisions, so below, we share how you can simplify the homeselling process with trust assets.
What Homesellers Should Know About Revocable Living Trusts in Tennessee
People agree to put a property into a revocable living trust because it gives them flexibility and control over the home. Because this type of trust is revocable, you can amend or dissolve it. You also retain any decision-making power over the house in the trust.
When it comes to selling a house in a trust before death in Tennessee, this is important. If you hold the trustee authority and the trust agreement terms allow it, you can sell the home without approval from anyone else. Proof of ownership and trustee status could even mean this sale proceeds similarly to your personal real estate transactions.
Of course, this ability also depends on whether you have correctly transferred the title into the trust’s name. Part of the title transfer process would have included recording a deed naming the trust as the property owner.
Understanding Trustee Authority and Grantor Consent
Are you both the grantor and trustee? Typically, your consent is all the home sale needs. The beneficiary rights don’t kick in until after your passing (unless the trust explicitly requires input beforehand, which is unusual with revocable trusts).
Are you not the trustee? Selling a house in a trust before death requires working through the person who is the official trustee. This trustee must act in the best interests of beneficiaries when managing the trust’s assets.
Irrevocable Trusts Make Selling a Home More Complicated
Things get trickier when an irrevocable trust holds the title to the house. The trustee may need beneficiary consent or even court approval to complete this sale.
In this case, expect the process to be more formal and time-consuming. Often, it will require some legal assistance. Tax planning is also necessary.
Contact My Tennessee Home Solution Today for a Fast and Fair Cash Offer
Selling a home through a traditional real estate agent in Tennessee can bring unexpected delays, legal reviews, and closing costs. Add in the stress of preparing the property for showings, and it’s no wonder many homeowners sell to My Tennessee Home Solution for a cash sale instead.
Our local homebuying company specializes in buying houses directly from owners, including houses held in trusts. We make cash offers on homes in any condition, even if you’re still navigating a title transfer process or dreading the upcoming paperwork. If you’re thinking about selling a house in a trust before death, call My Tennessee Home Solution at (615) 933-5431 today for a fair, no-obligation cash offer.
