Eileen730
Former Member
- Joined
- Oct 17, 2010
- Messages
- 20,232
- Reaction score
- 313
In this particular article about Substitution of Trustee.....
http://definitions.uslegal.com/s/substitution-of-trustee/
"A Substitution of Trustee form is often filed when a loan on real property is paid off or refinanced. It does not necessarily reflect the name of the current property owner."
So,apparently, there are several ways a Substitution of Trustee is used.
IMOO.
. For example, many grantors and their respective spouses act as the initial trustees of a revocable living trust. In this situation, they remain in control until they are incapacitated or die Then pre-selected successor trustees are appointed in under the terms of the declaration of trust. Usually a spouse, family member or trusted friend are selected as successor trustees. A second successor is a person nominated to take over responsibilites of the first successor in the case of death or disability of the first successor.
I would LOVE to know who was selected successor!
<modsnip>