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Updated almost 5 years ago on . Most recent reply

User Stats

335
Posts
251
Votes
Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
251
Votes |
335
Posts

Who owns this house?

Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
Posted

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!! :)

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