Trustees Obligations And Rights
without my knowledge I was named as trustee for a california land trust which holds one residential property. The trustor now wants to give the proerty back to the lender with a deed in lieu of foreclosure.
I was contaqcted to day by the escrow officer asking whe I could come in and sign the necessary paperwork to facilitate the deed in lieu.
My question is :
DO I have to sign the paperwork ?
can I charge for my time and if so how much ?
CAn I decide to send the property to sale intead of giving iti back ?
What are my obligations to the trustor and beneficiary?
what are the dangers to me?
I know this may be alot ot answer but any help is appreciated
Thanks in advance
The trustor and the beneficiary are probably the same person.
The trustee only has the authority to take actions that are specifically stated in the language of the trust.
On the off chance that someone used the trust to hide assets, I think it best if you get yourself out of the middle. If I were you, I would resign as trustee. If a successor trustee is not already named in the trust, then I suggest you name the trustor as the successor trustee.
Thanks very much. I appreciate it.