Personal Finance (Not Investing) • Question about Special Trustees

My Dad resigned his Trusteeship, which made me the Trustee, but as Grantor he reserved the right to replace the Trustee, in other words to fire/replace me, if he so desired.

She could add you as co-trustee.

I'm beginning to think it would be easiest if she just resigned as trustee and I became the sole trustee. There are implications, though, for the house she owns and rents out. The house is "owned" by the trust, but apparently trusts don't own real property in her state. A natural person (the trustee) holds legal title (and controls and manages the property) and another natural person (the beneficiary and in the case the grantor) holds equitable title (and enjoys the benefits of the property, in this case rent).

Statistics: Posted by toddthebod — Fri Dec 13, 2024 11:13 am — Replies 6 — Views 264