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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Why it doesn't happen.... Posted by Ward-CA- on May 26, 2003 at 8:27 AM In Reply to: Ward..this brings up a question............... posted by zachary on May 26, 2003 at 0:44 AM : Ward, : If the trustor (original seller) has the right to cancel the trust then what stops them from doing so at some point before you can sell the property. : The property has been grant deeded to the trustee, what happens if the seller then cancels the trust? : Even when the benificial interest is signed over to me the trustor still remains as the seller so can they cancel the trust? : thanks : Zachary =•=•=•=•=•=•=•=•=•=•=•= Zachary, The sale of a trust’s beneficial interest makes the trust irrevocable by the trustor. The trustor can revoke the trust up to the point where the beneficiary formally sells their beneficial interest (via an assignment of beneficial interest in trust-ABI) to a third party. The ABI is executed by three parties: 1. The selling beneficiary (whose signature(s) are notarized); 2. The buyer of the beneficial interest; and 3. The currently acting trustee of the trust. Furthermore, though the ABI isn’t recorded, the trusteeship of the trust is transferred, via a recorded deed, from the current trustee to a successor trustee that’s designated by the new beneficiary of the trust. I can also report that in over twenty years, I’ve never had a trustor even attempt to reverse the sale of his trust to me. Nor have any of my trust trainees ever called me to report such an attempt. Follow Ups: Ward...one more :-) zachary 1:11 PM, 05/26/03 (4) Somehow I don't think so... Ward-CA- 4:54 PM, 05/26/03 (3) Ward....confused!! zachary 10:07 PM, 05/26/03 (2) Just bear with me this one last time... Ward-CA- 0:09 AM, 05/27/03 (1) Thanks Ward...I was reading into it to much ;-) zachary 8:16 AM, 05/27/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : If the trustor (original seller) has the right to cancel the trust then what stops them from doing so at some point before you can sell the property. : : The property has been grant deeded to the trustee, what happens if the seller then cancels the trust? : : Even when the benificial interest is signed over to me the trustor still remains as the seller so can they cancel the trust? : : thanks : : Zachary : =•=•=•=•=•=•=•=•=•=•=•= : Zachary, : The sale of a trust’s beneficial interest makes the trust irrevocable by the trustor. : The trustor can revoke the trust up to the point where the beneficiary formally sells their beneficial interest (via an assignment of beneficial interest in trust-ABI) to a third party. The ABI is executed by three parties: : 1. The selling beneficiary (whose signature(s) are notarized); : 2. The buyer of the beneficial interest; and : 3. The currently acting trustee of the trust. : Furthermore, though the ABI isn’t recorded, the trusteeship of the trust is transferred, via a recorded deed, from the current trustee to a successor trustee that’s designated by the new beneficiary of the trust. : I can also report that in over twenty years, I’ve never had a trustor even attempt to reverse the sale of his trust to me. Nor have any of my trust trainees ever called me to report such an attempt. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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