Changing A Trustee On A Land Trust
I need to change the trustee on a land trust that I have filed.
Do I
A) Just create another trust naming my new person as the trustee and have my old trustee sign it then file it.
or
B) Create a new trust naming my new person as the trustee and have the person that I bought the home from sign it and somehow dissolve the old trust?
Rob Carroll
Anderson Investment
HI ROB!
A.)
I presume you are a co-Beneficiary in this Trust?
and
B.)
Additionally, you probably have a Power of Attorney for directing the trustee as well (Beneficiary Directed trust)
If so, then there is nothing wrong with subtituting a new Trustee to replace the current one while keeping the Trust intact.
The other ways you suggested imply you did not do A nor B when you originally set up your LT.
Hope this Helped!
Derrick Ali :-D
Yes you are correct, I did do both A and B and thought that I just need to create another trust to make the change but wanted to ask.
Thanks for your answer
Rob Carroll
Anderson Investment
MissHelen:
What kind of POA was it for? To Convey Real Property or just a POA for Admin the terms according to the Lvinig Trust?
To Convey Real Property into a title holding Trust needs for the Title-holder(Your Mom) to grant a Deed to the Trustee and also execute a Trust Agreement naming themselves as a Settlor-Beneficiary of the Trust.
The POA would allow you to Direct the Trustee or if Mom had appointed you as Trustee then you would have had no problem showing your Equitable & Legal Ability to convey title later on.
Hope this helped!
Derrick Ali :-D