When a home is in a living trust, do you rent from the owner or the trust?

My elderly mom wants to rent a room to me. My brother thinks that I need to sign a rental agreement with him as the trustee, not with my mom as the landlord. There are no personal problems with mom or brother, just want to do the right thing.

Asked by menlosue 35 months ago Similar questions: home living trust rent owner Games & Leisure > Travel.

Similar questions: home living trust rent owner.

You rent it from the owner, which is the trust. In common law legal systems, a trust is an arrangement whereby property (including real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor, who entrusts some or all of his or her property to people of his choice (the trustees).

The trustees hold legal title to the trust property (or trust corpus),emphasis added but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary, a.k.a. Cestui que use or cestui que trust), usually specified by the settlor, who hold equitable title. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.

The trust is governed by the terms of the trust document, which is usually written and occasionally set out in deed form. It is also governed by local law. The trustee is obliged to administer the trust in accordance with both the terms of the trust document and the governing law.

en.wikipedia.org/wiki/Trust_law Since the trustee is the titular owner of the trust, the trustee is the one who should prepare an execute any leases or deeds involving trust property. Sources: above Snow_Leopard's Recommendations The Law of Trusts (Fundamental Principles of Law) Amazon List Price: $26.62 Wills, Trusts, and Estates: Essential Terms and Concepts (Essentials for Law Students) Amazon List Price: $38.95 Used from: $14.00 Wills and Trusts in a Nutshell (Nutshell Series) Amazon List Price: $28.00 Used from: $15.00 Average Customer Rating: 3.5 out of 5 (based on 2 reviews) .

Your brother is right You say the home is "in" a living trust - that is, the house is trust property. By definition, the trustee controls the trust property and would be the person with the legal authority to rent it out. Generally, in the US, a "living trust" means the grantor (person who put the property into the trust) has the legal right to take it back out.

That doesn't chnage the fact, though, that while the property is iin the trust, it's under the control of the trustee.

1 The owner. The Living Trust's trustee only deals with the trust after the death of the trustor. This user has been banned from Askville.

1 The owner. The Living Trust's trustee only deals with the trust after the death of the trustor.

The owner. The Living Trust's trustee only deals with the trust after the death of the trustor.

2 Depends on how the trust is set up. If title has actually been passed to the Trustee by deed you need to rent from the Trustee. If the Trustee only gets title upon the death of the trustor, you can rent directly from her.

Depends on how the trust is set up. If title has actually been passed to the Trustee by deed you need to rent from the Trustee. If the Trustee only gets title upon the death of the trustor, you can rent directly from her.

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Is my rent deductible in my city of work if I travel.

I have a revocable living trust. How do I put my home back into it without incurring the expense of another attorney?

I hear of a lot but don't trust them. Which do I trust?

I want to purchase a second home to live in and rent out my existing home. How does that work?

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