Full question:
Shortly before his death my attorney set up a deed of trust (revocable) ('not irrevocable' wording in the document) with him as trustee, my cousin as beneficiary, I am the grantor. Now that he has died I want to set up a deed that is irrevocable changing only the revocable wording to irrevocable, with the same beneficiary. I will find my own new trustee. I need cook book style steps on what do I do? Step by step as a layman and what forms will I need to do these steps. The reason I am doing it myself is that the land is recreational land in Hudspeth County, Texas and not worth much at this time. The land is in Hudspeth...my deceased attorney and I were/are living in Cameron County, Texas. I know I could simply transfer the deed outright to my cousin but her mother just died and i don't want to saddle her with legal responsibility and tax issues. Please advise. There is no trust agreement just a 'deed of trust' that is 'not irrevocable' at this time...my cousin is like a sister and rock solid.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: Texas
Answer:
Typically a trustee will convey a deed of trust. While individuals can be trustees, it is often recommended to use a company as trustee to avoid some of the problems which can arise when an individual trustee dies, is incapacitated or is made bankrupt. If no provision has been made for the trustee's death, it may be necessary to petition the court to appoint a new trustee. Then a new deed of trust may be prepared.
It may also be possible for the grantor to modify the deed of trust. I am prohibited from giving legal advice, as this service provides information of a general legal nature. I suggest you consult a local attorney who can review all the facts and documents involved.
Please see the following TX statutes:
§ 113.083 PROP. Appointment of Successor Trustee
(a) On the death, resignation, incapacity, or removal of a sole or
surviving trustee, a successor trustee shall be selected according to the
method, if any, prescribed in the trust instrument. If for any reason a
successor is not selected under the terms of the trust instrument, a
court may and on petition of any interested person shall appoint a
successor in whom the trust shall vest.
(b) If a vacancy occurs in the number of trustees originally appointed
under a valid charitable trust agreement and the trust agreement does not
provide for filling the vacancy, the remaining trustees may fill the
vacancy by majority vote.
§ 112.051 PROP. Revocation, Modification, or Amendment
by Settlor
(a) A settlor may revoke the trust unless it is irrevocable by the
express terms of the instrument creating it or of an instrument modifying
it.
(b) The settlor may modify or amend a trust that is revocable, but the
settlor may not enlarge the duties of the trustee without the trustee's
express consent.
(c) If the trust was created by a written instrument, a revocation,
modification, or amendment of the trust must be in writing.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
