First, the deed is to the TRUST, some state require the trustee to be listed, others don’t. Learn your states rules. So, the deed is to “123 Main St Trust, Joe Blow as Trustee”.
If you change trustees, you need to file the change with the county recorder/tax man. You don’t file a new deed, because the TRUST owns the property still. It’s only the trustee that changed.
File the “resignation and assignment of new…” document only.
Again, if you are going to do these, 1) hire an attorney or 2) get Bronchick’s course.
NOTHING IN THIS POST SHOULD BE TAKEN AS LEGAL ADVICE. Just common sense.
An assignment of beneficial interest was signed by the selller granting their interest to my LLC.
I sent the Land Trust docs to my trustee for him to sign and he got cold feet and doesn’t want to be trustee after all and he has not signed the docs. He is willing to sign the trust docs just so long that I fire him in the same sitting.
I need to appoint a successor trustee. I think I’ve got one.
How best to do this?
Do I need to create a new Warranty to Trustee with my new trustee? If yes, is the ‘old’ trustee the ‘seller’?
I assume that I need to fill out a ‘Appointment of Successor Trustee’ document which my new Trustee will sign?
No, no new deed. Just an resignation and assignment of new trustee document, signed and notarized by the old and new trustees and the beneficiary. It’s in Bronchick’s Land Trust course.
So how does this work. An attorney tries to shake me down. He looks at public record and sees the Warranty Deed to Trustee, which is my old trustee – and of course, my address is on the Deed with my Old Trustee’s name, so I get a heads up on anything legal coming in.
Then I forward that attorney to my old Trustee and then my old Trustee tells the attorney that he is no longer the trustee, so then the attorney comes back to me and asks for the new trustee name?
Someone had recommended Filing a new Warranty Deed to Trustee, but I don’t know the reason why – except that it would show the name of the new trustee. Does this make any sense?
Re: Trust Successor Trustee - Posted by Steve Takacs
Posted by Steve Takacs on October 21, 2006 at 12:17:22:
I am the Successor Trustee of my wife’s trust, a trust officer advises me that I cannot manage it by myself the IRS requires that I need a corporate trustee???
is it true?
steve