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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Passing of the torch... Posted by Ward-CA- on February 06, 2004 at 6:49 AM In Reply to: Trustee question posted by Camille Calenda on February 04, 2004 at 1:34 PM : Hi Ward! : Another trust question...I put our own house into a THT and a family member is the Trustee and our Living Trust is the Beneficiary of the THT. If something were to happen to both Nick and myself, my Trustee would need the following items to sell the property: : 1. Certification of Trust : 2. Direction to Convey Property : Is this correct? Or would my trustee need something else or different to sell the property? : Thank you for your knowledge!!! : Camille =============== Camille, If you and Nick were suddenly incapacitated or died, such an event would have no dramatic, immediate effect on the trust. That's because its existence is independent of yours!! The owner of the trust is your living trust, which would also survive your mutual demise. Your living trust is set up, upon your deaths, to irrevocably transfer its beneficial interests to the successor beneficiaries you have chosen. The successor beneficiaries will direct the trustee of your title holding trust (THT) what to do concerning the property(ies) it owns. #1. The Certification of Trust is usually prepared and executed by the trust's trustee. It is only required when the title to trust's property is being changed or encumbered by a new trust deed or mortgage. So if your heirs intend to keep the property nothing will change except possibly the private realignment of new beneficiaries. #2. If the decision of the successor beneficiaries is to sell the property to an outside buyer then they will instruct the trustee of the THT to do so via a Direction to Convey that they sign. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward! : : Another trust question...I put our own house into a THT and a family member is the Trustee and our Living Trust is the Beneficiary of the THT. If something were to happen to both Nick and myself, my Trustee would need the following items to sell the property: : : 1. Certification of Trust : : 2. Direction to Convey Property : : Is this correct? Or would my trustee need something else or different to sell the property? : : Thank you for your knowledge!!! : : Camille : =============== : Camille, : If you and Nick were suddenly incapacitated or died, such an event would have no dramatic, immediate effect on the trust. That's because its existence is independent of yours!! The owner of the trust is your living trust, which would also survive your mutual demise. : Your living trust is set up, upon your deaths, to irrevocably transfer its beneficial interests to the successor beneficiaries you have chosen. The successor beneficiaries will direct the trustee of your title holding trust (THT) what to do concerning the property(ies) it owns. : #1. The Certification of Trust is usually prepared and executed by the trust's trustee. It is only required when the title to trust's property is being changed or encumbered by a new trust deed or mortgage. So if your heirs intend to keep the property nothing will change except possibly the private realignment of new beneficiaries. : #2. If the decision of the successor beneficiaries is to sell the property to an outside buyer then they will instruct the trustee of the THT to do so via a Direction to Convey that they sign. : 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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