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Deed for Property in Simple Successor Trust, then to spouse, both Trustees dead, now current Trustee

Last post 05-29-2009 10:18 AM by Bill Exeter. 1 replies.
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  • 05-29-2009 6:27 AM

    Deed for Property in Simple Successor Trust, then to spouse, both Trustees dead, now current Trustee

    Deed to house is in simple successor trust of Mother.  Father is next to be successor and is listed by name.  Then me as the next child in line.  I have 3 siblings who are also beneficiaries of the Trust and have an order to succeed me in the Trust.We have the original signed Trust documents for both Mother and Father, and certified death certificates for both.

    Mother and Father Trusts are identical.  Only difference is they each list their spouse's name as first successor. Mother dies.  Father does not change deed under premise he still lives in house and it succeeds to him anyway.  Father dies.  I am planning to sell the house.  Most everything Father had was in his Trust.  

    This is in KY.  In prep to sell the house, since it was in Mother Trust and she died first, can we simply show death certificates and original Trusts:show Mother died, her Trust showed Father as successor but he is dead, and I am now successor Trustee?  Is that enough to allow me to sign closing sale paperwork or must I file a quitclaim deed or other process to make it most palatable for a streamlined sale? 

    • Post Points: 7
  • 05-29-2009 10:18 AM In reply to

    Re: Deed for Property in Simple Successor Trust, then to spouse, both Trustees dead, now current Trustee

    Generally, it is better to "clean-up" title before proceeding with any transaction.  You should get the legal title transferred into your name as Trustee of the Trust.  However, since you are nearing a sale, I would suggest two things. 

    First, have an estate planning or trust attorney in Kentucky review your situation to make sure that everything is done correctly.  This should not cost too much because you already have what they will need to review.  But, I would not skip this step.  It is critical to make sure that it is done correctly now before it gets worse and more complicated.

    Second, since you are nearing a sale, I would consult with your title insurance company or closing agent to see what they will need so that you are prepared for the closing with no surprises. 

    Best wishes.

    William L. Exeter
    President and Chief Executive Officer


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