Substitution Of Trustee Form

Substitution Of Trustee Form

A Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another. 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. 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. For example: if you assume a loan the Substitution of Trustee/Deed of Reconveyance is recorded in the name of the original borrower, not the current homeowner.

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form

Substitution Of Trustee Form