If a property has been properly transferred to the Trust (i.e. the Trust has been properly funded and a Quitclaim Deed has been filed using the Trust name), then only the Trustee can transfer the property “back out of” the Trust and to a third party.
The Trust document must also authorize or empower the Trustee to take such action (or grant the Trustee the discretion to transfer the property).
Whether or not a spouse can Quitclaim marital property to a third party depends upon how the property is currently titled among the owners.
While a Last Will & Testament can certainly be created to provide a list of specific beneficiaries and an even longer list of contingent beneficiaries, Standard Legal has crafted its Wills to be simple yet thorough and specific without the use of contingencies.
But that does not mean the strategy of contingency cannot be instituted.
Power of Attorney cannot be assigned by the Attorney-in-Fact (the person granted the responsibility of Power of Attorney) named in the document to another person of his or her choice.
Minor children can take title to real estate via Quitclaim and can be named as shareholders in a corporation.
But there are issues and limitations surrounding the future capabilities of each of these actions.
Clear identification of the beneficiaries is the goal of the writings within a Last Will and Testament.
So unless the description of a relationship of beneficiaries to the donor makes clear identification difficult, the mis-identification of ‘relationship descriptor’ should not be fatal to the gift.
While most of the For Sale by Owner (FSBO) Home Sale legal forms are geared towards developed property (e.g. property with a house or building), the documents can certainly be used to sell vacant land.
Membership units in a Limited Liability Company (LLC) can, like stock in a corporation, be transferred from the LLC owners to others, including other current owners of the LLC.
A Sale Agreement or Assignment Agreement can be created to document the transfer of membership units (or stock), the parties to the transfer, the price for the units or stock (if any), etc.
Technically, reaffirmation agreements are available only in Chapter 7 Bankruptcy cases.
However, in a Chapter 13 case, if a debtor wishes to retain property that is secured by a loan that is current, the Chapter 13 plan can provide that the loan will be paid through (or outside of) the plan.
The procedures to replace an Executor in a Last Will and Testament are dependent on state and local rules, and on the procedures that govern the particular probate court in your area.