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Updated almost 5 years ago,
Who owns this house?
Hello BP, I have a question about who owns this house. Here is the situation.
Father: John W Smith Sr
Son: John W Smith Jr
The father passed away, leaving the property in trust, with beneficiaries being his 3 children. The Trustee is the son John W Smith Jr
If the Title shows the owners to be:
Fee Owner: Smith, John W SR TRUST Pct: 25 TMK: 123456789 HPR: 0 Address: 1234 Main St
Fee Owner: Smith, John W TRUSTEE Pct: 75 TMK: 123456789 HPR: 0 Address:
Does this mean the Son (John W Smith Jr) owns 75%, plus 1/3 of the remaining 25%? So if he (as the trustee) sells the house, he would basically get 83% of the sale? Also, there is no "Jr" designation, so it seems like its a little unclear. Could the Trustee also be the trust owner? (John W Smith Sr?)
Thank you in advance BP!! :)