Montana Certificate of Trust for Successor Trustee
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FAQ
States Using Deed of Trust In Alabama, Arizona, Arkansas, Illinois, Kentucky, Maryland, Michigan, Montana and South Dakota, the lender has the choice of either a mortgage or deed of trust. In any other state, you must have a mortgage.
A living trust can help you manage your property while you are alive, and when you pass away. Living trusts offer more protections than last wills in some cases, and can help your family avoid the expensive probate process.
So, now you know that the Trust Maker holds the most power before the Trust is established, but the Trustee holds the most power after the Trust is established.
What is a trustor vs trustee? In a deed of trust, a trustor is the borrower and the trustee is a third party that holds the property's title. The trustee is entrusted with the title and the right to sell the property if the trustor defaults on the loan.
A trustee is any person or organization that holds the legal title of an asset or group of assets for another person, called the grantor. A trustee is granted this legal title through a trust in which the they hold title to the assets held in trust for the benefit of others.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee.