InnoVest's Foreclosure Forum
Ward takes the stairs.

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Annual Reunion

Speaking Schedule

Store

Foreclosure Fundamentals

Code References

Recent Legislation

50 State Foreclosure Basics

Foreclosure Glossary

Foreclosure Statistics

75+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Booklist

Contact / Map | Priceline Tips

About Us

Home

 

Innovest Resource Management BBB Business Review

Substitution of Trustee not Recorded (for years).

November 11, 2011 07:15PM
We have some interest in an unencumbered house in LA County. According to Title, the property is currently held in a Trust. One of two sons (#A) lives in the house and his mother is listed as the Trustee. But she died about four years ago. Brother #B is a real estate agent, and is apparently the Successor Trustee, with both brothers named as Beneficiaries.

Originally, both parents were the Trustees. But when Dad died, a notice of change of Trustee (to Mom only) was recorded (about five years ago), along with his death certificate.

Title deed language indicates that the Trust is Irrevocable. But obviously, we need to see the Trust docs, if they can be found. But this raises several questions. Eg.

Is it acceptable for Brother #B (the Agent) to act as both Trustee and (partial) Beneficiary, or does that automatically dissolve the Trust?

Is there a requirement to report a death (of the Trustee) and subsequent Substitution or change in Trustee status? What Regulation/Law is that? Is it in the Probate Code and/or County Assessor Rules?

We understand that Ca Proposition #58 may preclude property tax reassessment, but does the County Assessor need to be informed of the change? Or did the change effectively occur when the Trust was initially formed and recorded?

Are there any penalties for not Recording the change? Even if there is no Property Tax ReAssessment, (or Probate) are there Documentary Transfer fees, Capital Gains Taxes etc due?

My apologies for the long post, lotsa detail. Just trying to be clear.
Subject Author Views Posted

Substitution of Trustee not Recorded (for years).

Lady Jane 4379 November 11, 2011 07:15PM

Any legal obligation to report?

Lady Jane 2510 November 13, 2011 08:59AM

In a word...

Rick Harmon 2548 November 13, 2011 11:33AM

Butchered response...

Rick Harmon 2510 November 13, 2011 02:46PM

Notsobad Response.

Lady Jane 2426 November 17, 2011 07:15PM



Sorry, only registered users may post in this forum.

Click here to login

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2024, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455