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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] If we're lucky this will be the final tweaking... Posted by Ward-CA- on August 31, 2003 at 11:58 PM In Reply to: A couple of Trust Questions...again. posted by jom-CA on August 31, 2003 at 11:41 PM : Hi Ward : Three things: : 1) In a typical deal you might do who is the Trustor of the trust? I know that is a simple question but I'm not sure if it should be me or the seller. : 2) On the CD I received from your Trust class the "Trust Declaration.pdf" (the basic Revocable Grantor Trust) file seems to refer to "Florida" as the state for the trust. I'm assuming that "California" can replace "Florida" in the text? For example, in section 7) "Powers and Duties of Trustee" makes mention of "Florida Probe Code #16200;16249". Is this correct for California also? If not, do you have an updated ".pdf" file for this? : 3) On your Certification of Trust form, section 4) a) and b) "The power of the trustee" when should you mark "YES" or "NO"? I don't quite understand this as it seems the Trustee should always have the power to "sell, convey or exchange" and "encumber the property with a trust deed", shouldn't they? : Thanks : jom -=-=-=-=-=-=-=-=-=-=- JOM, #1. Generally the homeowner is the trustor. She’s the one who’s transferring the house to her trust prior to selling you the trust’s beneficial interest via the Assignment of Beneficial Interest in Trust. #2. I apologize for the mix up. Will get it corrected for you. #3. The THT (title holding trust), as originally devised by Chicago Trust, is a directional holding trust wherein the trustee takes her marching orders, in writing, from the majority of beneficiaries. So use the version of the Certification where line 4 indicates that the trust is a directional holding trust and thus the trustee can’t act independent of a written direction from the beneficiaries. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward : : Three things: : : 1) In a typical deal you might do who is the Trustor of the trust? I know that is a simple question but I'm not sure if it should be me or the seller. : : 2) On the CD I received from your Trust class the "Trust Declaration.pdf" (the basic Revocable Grantor Trust) file seems to refer to "Florida" as the state for the trust. I'm assuming that "California" can replace "Florida" in the text? For example, in section 7) "Powers and Duties of Trustee" makes mention of "Florida Probe Code #16200;16249". Is this correct for California also? If not, do you have an updated ".pdf" file for this? : : 3) On your Certification of Trust form, section 4) a) and b) "The power of the trustee" when should you mark "YES" or "NO"? I don't quite understand this as it seems the Trustee should always have the power to "sell, convey or exchange" and "encumber the property with a trust deed", shouldn't they? : : Thanks : : jom : -=-=-=-=-=-=-=-=-=-=- : JOM, : #1. Generally the homeowner is the trustor. She’s the one who’s transferring the house to her trust prior to selling you the trust’s beneficial interest via the Assignment of Beneficial Interest in Trust. : #2. I apologize for the mix up. Will get it corrected for you. : #3. The THT (title holding trust), as originally devised by Chicago Trust, is a directional holding trust wherein the trustee takes her marching orders, in writing, from the majority of beneficiaries. : So use the version of the Certification where line 4 indicates that the trust is a directional holding trust and thus the trustee can’t act independent of a written direction from the beneficiaries. : 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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