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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward....confused!! Posted by zachary on May 26, 2003 at 10:07 PM In Reply to: Somehow I don't think so... posted by Ward-CA- on May 26, 2003 at 4:54 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. ________________________________________ Ward, ok I'm confused..... Are you saying this is how to do it? 1-seller signs trust agreement and grant deed signing to trustee (don't record grant deed) 2-seller signe ABI to me 3-current trustee grant deeds to new trustee 4-same trust agreemnet is kept in place. both trust agreement and ABI is NOT recorded Some how I think I'm missing something...... I think I'm confused about how title goes from seller to trustee to new trustee with only one deed being recorded... Can you explain how this is done? Zachary Follow Ups: 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. : ________________________________________ : Ward, : ok I'm confused..... : Are you saying this is how to do it? : 1-seller signs trust agreement and grant deed signing to trustee (don't record grant deed) : 2-seller signe ABI to me : 3-current trustee grant deeds to new trustee : 4-same trust agreemnet is kept in place. both trust agreement and ABI is NOT recorded : Some how I think I'm missing something...... : I think I'm confused about how title goes from seller to trustee to new trustee with only one deed being recorded... : Can you explain how this is done? : Zachary 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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