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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Somehow I don't think so... Posted by Ward-CA- on May 26, 2003 at 4:54 PM In Reply to: Ward...one more :-) posted by zachary on May 26, 2003 at 1:11 PM : : 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. : __________________________ : Ward, : Ok that brings up another question:-) : Ok so a deed is recorded twice. : 1- from seller to trustee of trust, with seller as the grantor and named as the beni in the trust agreement : 2- after the ABI is signed from beni to buyer of Beni intrest : So who acts as the grantor on the recorded deed? the original trustee? if so the new trustee should be different right? : Is it the original beni (seller) who transfers..to the new trustee? : 3- Is a new trust agreement written between the new beni and the new trustee? : thanks Ward!! : Zachary =•=•=•=•=•=•=•=•=•=•=•= Zachary, There’s only ONE deed recorded. It serves to switch the trusteeship from the current trustee to the buyer’s designated successor trustee. The signer is the current trustee. The notarized ABI (Assignment of Beneficial Interest in Trust) is NEVER recorded. And there’s no need to execute a new trust agreement. Hope this helps. Follow Ups: 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: : : : 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. : : __________________________ : : Ward, : : Ok that brings up another question:-) : : Ok so a deed is recorded twice. : : 1- from seller to trustee of trust, with seller as the grantor and named as the beni in the trust agreement : : 2- after the ABI is signed from beni to buyer of Beni intrest : : So who acts as the grantor on the recorded deed? the original trustee? if so the new trustee should be different right? : : Is it the original beni (seller) who transfers..to the new trustee? : : 3- Is a new trust agreement written between the new beni and the new trustee? : : thanks Ward!! : : Zachary : =•=•=•=•=•=•=•=•=•=•=•= : Zachary, : There’s only ONE deed recorded. It serves to switch the trusteeship from the current trustee to the buyer’s designated successor trustee. The signer is the current trustee. : The notarized ABI (Assignment of Beneficial Interest in Trust) is NEVER recorded. And there’s no need to execute a new trust agreement. : Hope this helps. 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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