Legal Question in Wills and Trusts in New York
change of trustee
I am the grantor of a NY trust that has had a change of trustee. How do I retitle the assets and the Trust itself?
Asked on 10/03/08, 5:34 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: change of trustee
If the asset registration names the trustees, merely change the title to show the new trsutees and be sure new signature cards are completed. Nothing else needs to be done and be sure you keep the TIN originally assigned to the trust. I have several trusts (different names) and represent the trustees of many. To avoid this having to be continually updated, I merely register the assets in the name of the trust (e.g., The LeVine Family Trust). The name is on the account, checkbook, letterhead, etc. Internal documents with asset holders have the information on the current trustees.
Answered on 10/04/08, 1:31 pm