Massachusetts Sale of Trust Estate
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FAQ
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.
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.
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.
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.
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.
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.
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.
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.