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Barrister
Barrister, Attorney
Category: Personal Injury Law
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Experience:  Attorney with 15 years litigation experience
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For Barristerinky: A family has an irrevocable trust. The

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For Barristerinky: A family has an irrevocable trust. The trustors have passed. There is an oil well on the property and the check is still coming in the name of trustor, the mother whose name the property was in before it was put into trust. (She passed 10 years ago) The current trustees are still depositing the checks in her name in the trust bank account. The oil company has a lease agreement which was signed before the land was moved into the trust.

Several questions:

1.Should the oil company be given a copy of trust agreement with amendment which includes signatures of the two new trustees (there are three trustees total)?

2.Should the oil company be given a copy of the deed showing the land has been transferred to the trust?

3. Should the check for oil royalties now be made out to the trust so anyone of the trustees can sign it for deposit?
Hello again,
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1.Should the oil company be given a copy of trust agreement with amendment which includes signatures of the two new trustees (there are three trustees total)?
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Kind of...The company should be given a copy of any amendment showing the new trustees, but only the page from the original trust where the original trustees were named and the page granting authority for the changes. The oil company doesn't need the entire trust, just the papertrail that shows that any changes were authorized.

2.Should the oil company be given a copy of the deed showing the land has been transferred to the trust?
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Yes, as that will show that the trust now owns it and any checks should be made out to the trust.

3. Should the check for oil royalties now be made out to the trust so anyone of the trustees can sign it for deposit?
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Yes, once the company receives the deed, they should make the changes to reflect that the trust is the owner and payee for any royalties.
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Thanks.

Barrister

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Customer: replied 3 years ago.


Will the oil company need any information like death certificates that the grantors are deceased or is the amendment with new trustees sufficient?

Will the oil company need any information like death certificates that the grantors are deceased or is the amendment with new trustees sufficient?
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No, just the amendments and the copy of the deed will be enough. They just need to know who owns the property now and who has the legal authority to act on behalf of the trust.
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Thanks
Barrister
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