Constructive Trust. A constructive trust is not an actual trust by the traditional definition. It is a legal fiction that is used as a remedy for unjust enrichment. Hence, there is no trustee, but the constructive trust orders the person who would otherwise be unjustly enriched to transfer the property to the intended party. wex: COMMERCE.
In the past, quitclaim deeds gave complete ownership to the holder after seven years of uncontested use â even if the person who gave you the deed wasnât the real owner. Now, itâs not as simple. More documentation is required as listed in the Official Code of Georgia.
The executor then has a period of time to decide whether each creditorâs claim is valid, usually about a month. Depending on your stateâs laws, the process of paying creditors can easily take six months, but it usually runs concurrently with the inventory process. Therefore, it might typically be about six months from the opening of probate before creditorsâ claims are settled.