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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trust answer Posted by Ward-CA- on January 27, 2004 at 8:52 PM In Reply to: trust question posted by Camille Calenda on January 27, 2004 at 5:17 PM : Hi Ward-- : I am in the process of putting my own residence into a THT and I have a family member as the trustee versus my LLC, which is what I use as trustee of my other properties. Down the road when I am ready to sell my own residence and in escrow...is there a doc where I can make myself the trustee so that my family member doesn't have to sign all the paperwork at close. I was looking through your various collateral instruments to the trust in the trust book and wasn't sure exaclty which one it was or if it's something that I can arrange for now instead of when I am close to closing. : Thanks a bunch!! : Camille :) ======================= Camille, Look at the section in your Trust Manual where all the blank deeds are located. They all look identical I know—but they’re not. Just look at the transfer tax declaration area on each deed. On one of them you’ll see “-0- Transfer to a successor trustee”. That’s the deed form you want. The transfer is done by having your trustee deed the trusteeship to you as the successor trustee. As an example, it goes as follows: (In the grantor space) “Laura Bush, Trustee of the Penn Trust, dated 1-15-04” to (In the grantee space) “Camille Calenda, Successor Trustee of the Penn Trust, dated 1-15-04” Add the legal description to the deed and have your trustee, Laura Bush sign the deed in front of a notary public. Fill in the “Return To” area with your address and then record the deed. If I were you I’d make the switch to you as the successor trustee about 3 weeks BEFORE you open escrow. That way you will be able to avoid the 3.3% prepaid CA income tax by using the “sale of personal residence” exemption. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward-- : : I am in the process of putting my own residence into a THT and I have a family member as the trustee versus my LLC, which is what I use as trustee of my other properties. Down the road when I am ready to sell my own residence and in escrow...is there a doc where I can make myself the trustee so that my family member doesn't have to sign all the paperwork at close. I was looking through your various collateral instruments to the trust in the trust book and wasn't sure exaclty which one it was or if it's something that I can arrange for now instead of when I am close to closing. : : Thanks a bunch!! : : Camille :) : : ======================= : Camille, : Look at the section in your Trust Manual where all the blank deeds are located. They all look identical I know—but they’re not. : Just look at the transfer tax declaration area on each deed. On one of them you’ll see “-0- Transfer to a successor trustee”. That’s the deed form you want. : The transfer is done by having your trustee deed the trusteeship to you as the successor trustee. As an example, it goes as follows: : (In the grantor space) “Laura Bush, Trustee of the Penn Trust, dated 1-15-04” : to : (In the grantee space) “Camille Calenda, Successor Trustee of the Penn Trust, dated 1-15-04” : Add the legal description to the deed and have your trustee, Laura Bush sign the deed in front of a notary public. : Fill in the “Return To” area with your address and then record the deed. : If I were you I’d make the switch to you as the successor trustee about 3 weeks BEFORE you open escrow. That way you will be able to avoid the 3.3% prepaid CA income tax by using the “sale of personal residence” exemption. : 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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