Q: Co-trustee and current beneficiary wants to resign and make me Trustee of Land trust - I'm successor and 2nd beneficiary
The Trustor was my Uncle, and he died in 2017. He and his ex-wife are co-trustees for the land trust, I believe his name is still on it because she couldn't get a death certificate (they divorced in 1987). The ex-wife wants to resign as co-trustee and walk away, leaving me the trust and whatever issues come with it. I want to become the trustee without becoming responsible for any liens on the trailers that reside on the land, which are currently in the ex-wife's name. I also don't know what paperwork to fill out for her to resign and for me to take over the trust. I live in Minnesota and the land is in Arizona
Thanks in advance!
A: I am so sorry for your loss. This sounds like quite a difficult process.
I don't want to give you any advice, based upon what you wrote. Here is what I think you need to do:
1. Determine the value of the real estate, and whether or not the real estate is in the trust to determine if it makes sense to move forward. A realtor in that location would be helpful.
2. Determine the value of any liens or mortgages.
3. Set up a consultation with an attorney in the county where the property is located. Send the attorney a copy of the Trust and your family tree before the meeting. Also send copies of the tax bills on the real estate.
You and the attorney will then work out the next steps.
Andre Lee Pennington agrees with this answer
1 user found this answer helpful
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