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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4814
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I was listed as a trustee for multiple real estate trusts many

Resolved Question:

I was listed as a trustee for multiple real estate trusts many years ago for a real estate investment company. The beneficiary handled things the entire time (the company owner). He says I am not on the trusts as trustee anymore.

If I am in fact not off the trusts for any reason, am I at risk for being held liable for anything? I am wondering if it's safe to go ahead an shred or burn all my prior paperwork as related to the properties (the one that had me listed as Trustee) or if I should check with the courthouse first for any reason. Thanks, Joshua
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

Hi Joshua. I'd want to hear from the beneficiary who made you the trustee what has been done with the properties, and whether or not the trusts still exist. If so, then legally you may still be the trustee. If they were revocable trusts and the owner has sold the properties and closed them out you can forget about liability. But, I would not shred or burn any paper work yet. Real estate title problems can arise 15-25 years later. If it isn't too much of a burden, either keep a storage box down in your basement or give everything you have to the guy who owned the properties to keep.

I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.

Customer: replied 1 year ago.

He (the beneficiary or owner of the housing company) tells me they have all been sold. How do I check if they were revocable?


 


The guy who owned the properties had copies of the paperwork I have. Are you suggesting I keep copies of the paperwork even if they were all already sold and if so....am I potentially at liability for things still 15 to 25 years later?


 


Thanks!

Expert:  Irwin Law replied 1 year ago.
No, you are not liable for anything 25 years after the fact. I presume that the money that was derived from the sale of the properties never came to you. You were the trustee in name only.
Customer: replied 1 year ago.

"I presume that the money that was derived from the sale of the properties never came to you. You were the trustee in name only."


 


I did collect a pay check when I first helped him first lease purchase the home out but that paycheck was from his company directly (not through escrow).


 


It hasn't been 25 years since the properties sold (just a few years).


 


How do I check if they were revocable?



 


The guy who owned the properties had copies of the paperwork I have. Are you suggesting I keep copies of the paperwork even if they were all already sold and if so....am I potentially at liability for things still 15 to 25 years later after the sale?


 


Thank you.

Expert:  Irwin Law replied 1 year ago.

You should have obtained a copy of the trust instruments. If you don't have them, then the person who created them should be able to provide your with copies along with written statements that the trusts agreements were revoked by him and you have no further duties or responsibilities as the trustee. Trusts are not recorded anywhere and they are not made pubic, so the person who originally employed you is your only source of information.

I hope this information is helpful and that you will enter a positive rating. I thank you for submitting your question to Pearl-Just Answer. We appreciate your business. If you need clarification or additional information, please send me a Reply and I will be happy to explain further. Please consult a local attorney to verify the accuracy of this information according to your state's laws.

Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4814
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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