QUESTION
How do I assign myself as the trustee if I am the sole beneficiary?
Asked on Feb 18th, 2014 on Trusts and Estates - California
More details to this question:
The trustee of my mothers estate just resigned due to failing health. I am the sole beneficiary of my moms estate. There are no other trustees in the trust. The only thing in the trust is the house that has been transferred over to me. However the mortgage loan is not in my name. I have received escrow checks fro mortgage co and from ins co. I can't easily cash them as they are made out to the trust. Mehta steps do I take to legally assign myself as the trustee?
1 ANSWER
Taxation Attorney serving Santa Monica, CA
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Lyster, Inc.
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Many trusts will have provisions for the adult beneficiaries to name successor trustees. See if your mom's trust has such a provision. Other trusts permit a trustee to name his successor. If the resigning trustee is capable of doing that, have him name you as the trustee. You will need to do this in the manner required by the trust instrument.
If the trust has no such provision, you will need to petition the court to have a trustee appointed.
Answered on Feb 18th, 2014 at 3:51 PM