Wichita Home Buyer Explains the Steps for Selling a House in an Irrevocable Trust
Professional Home Buyers, led by founder and CEO Tony Javier, is educating Kansas families about the challenges involved when selling real estate owned by an irrevocable trust. Many Kansas residents ask, "Can you sell a house in an irrevocable trust?" and the answer is "yes," but only if the trustee follows the trust document and Kansas law.
Understanding Who Has Authority
When a trust is irrevocable, the trustee holds the right to sell property, not the trust beneficiaries. The trust holds legal title, meaning only the trustee can sign contracts and closing documents.
The trustee must always act in the best financial interest of the beneficiaries, including maintaining complete records and complying with all legal requirements related to the sale of trust property.
Sometimes, the trust document requires beneficiary consent. In other cases, trustees may sell property freely as long as the sale benefits the trust. When minor beneficiaries are involved, Kansas courts may need to approve the transaction.
Capital Gains and Estate Planning
The trust may owe capital gains tax after a sale. A CPA or an attorney familiar with Kansas estate planning rules can determine whether the trust receives a step-up in basis and whether gains pass through to beneficiaries.
Why Some Trustees Choose Cash Buyers
Irrevocable trusts often hold older homes that require significant repairs or houses that heirs no longer wish to maintain. Traditional listing methods frequently create delays as trustees must manage lengthy inspection lists or negotiate repairs.
Many trustees choose direct professional buyers. Javier explains that his company regularly purchases houses from trusts. As with other clients, the company makes cash offers with no repairs or fees and sets closings quickly.
About Professional Home Buyers
Professional Home Buyers is a Wichita-based real estate company that delivers on its motto: "We buy houses in Wichita, Kansas." The company buys homes in any condition and has extensive experience with the challenges presented by sales involving irrevocable trusts. The company works closely with trustees, personal representatives, and families who need a fast and straightforward sale solution.
How To Reach the Team at Professional Home Buyers
For Kansas families asking, "Can you sell a house in an irrevocable trust?" Professional Home Buyers provides a hassle-free path to closing. Request a free consultation to review the relevant real estate terms and receive a fair cash offer. For more information, call (316) 686-7355 (SELL) or contact the company online.
