Selling Trust Properties Guide

Summary

As a trustee, you can sell properties held in a trust and collect proceeds without changing ownership. Hawaii law governs the trust, so consult a local attorney for guidance. Youre not obligated to use the original trust attorney. Closing the trust may involve tax filings and compliance with state-specific requirements.

Full Conversation

Thank you for that answer. My mom was a Hawaii resident and the trust was created in Hawaii. I'm a California resident however.
Hey Ann! Since the trust was created in Hawaii, Hawaii law will primarily govern it. Here are a few steps you might consider:
- Review the trust document for Hawaii-specific provisions.
- Consult with a Hawaii attorney for guidance on local laws.
- Ensure tax obligations in both states are met.
If you have more questions, feel free to ask!
My mom trust attorney is not very helpful when it comes to explaining anything. What is his role in closing the trust?
Hey Ann! The trust attorney's role typically includes:
- Advising you on the terms of the trust and any legal requirements.
- Assisting with the transfer of assets and property.
- Ensuring compliance with tax laws.
- Providing guidance on distributing the trust's assets.
If you're having issues with your current attorney, consulting another attorney in Hawaii might be helpful. Need more info on this?
Yes. Am I obligated to use the trust attorney who created the trust to close the trust?
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Hi Ann! You're not obligated to use the same trust attorney who created the trust to close it. You can hire any attorney you prefer to assist with the process. It's essential to choose someone who can clearly explain the steps and requirements involved. If you have any more questions or need further clarification, feel free to ask!
How do I find a good trust attorney in Hawaii?
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To find a good trust attorney in Hawaii, consider the following steps:
- Ask for recommendations from friends or family.
- Check the Hawaii State Bar Association for certified specialists.
- Read online reviews and ratings.
- Consult with a few attorneys to see who best fits your needs.
If you have any more questions or need further assistance, feel free to ask!
Does the process of closing the trust involve any filings with the state of Hawaii, federal government or any other official entities?
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Hey Ann! Closing a trust may involve some filings, including:
- Filing a final income tax return for the trust.
- Reporting any capital gains from property sales.
- Addressing any estate taxes if applicable.
Consulting with a Hawaii attorney will ensure compliance with state-specific requirements. If you have more questions, feel free to ask!