I just need to ask this question because I'm a humble title insurance agent and not a life insurance agent - why is a life insurance agent preparing a trust? Is that usual?
Anyway, the trustee will have to amend the trust to fix it. Perhaps you'd want to have an attorney handle it this time around.
We do run into errors in trusts when reviewing them for title insurance. We only notice or comment on errors that relate to title, BTW.
We had a transaction last month in which it was discovered that the wrong property had been deeded into the trust. In that case, their attorney considered doing a corrective deed but it made more sense to simply have the estate deed the property directly to the buyer.
We had another transaction in the office today in which the trust set up a life estate for a sibling of the settlor. We asked that the sibling join in the deed to extinguish her interest, even though it wasn't cited in a deed. The attorney for the trustee opted instead to simply amend the trust and remove the life estate provision. This was not an error in the trust but I raise it as an example of a last minute correction used to quickly resolve in issue.
2 comments:
I have been battling multiple acts of deception, fraud, forgery, title issues, predatory lending based on quit claim deed supplied by estate/trust attorney that created his own General Warranty Deed and recorded in OHIO.
This trusted estate/trust attorney set up an irrevocable trust. I paid $160K cashiers' check at closing to builder from 5th 3rd Bank clearly identified on check "Homes by XXXBuilder" (builder now out of business)
clearly stated on check was deed to be held by Trustee attorney.
Owners' Policy per Purchase Agreement both seller (builder) and purchaser (I) signed on this property.
Now I find this estate/trust attorney had no deed or title exam or search even though references in letters to my cancer fighting now deceased husband left for me in case there were problems after his death Thank God.
This attorney is the President and owner of his own a title company used subsequently to record Memo of Trust (citing deed to be attached when received even though it had been recorded two months prior in same county personally by this attorney)
A General Warranty Deed recorded two months before Memo of Trust was recorded by attorney himself not Title Agency. This strange General Warranty Deed shows unknown seller conveying to this attorney/trustee property as prepared by another attorney on the second page (release of dower rights only) no signature by estate/trustee attorney anywhere on this document.
I contacted this "preparer" attorney as this Deed looked "cut and paste". This attorney denied this transaction.
Yesterday, he submitted a letter to me stating this was NOT generated by him and he has NO knowledge of this transaction.
My deceased husband's estate/trust attorney issued a quit claim in 2003. He did not record this document neither did Fifth Third Bank as we applied to could secure a HELOC from 5th 3rd Bank (granted for $20k out of $160K equity sitting in property) then subordinated to refinance by Cendant Mortgage (w/o recorded mortgage or lien) based on 2nd quit claim deed recorded this time based on FRAUDULENT General Warranty Deed he issued himself as trustee all unknown to us.....
4 years fighting a mega battle 5th 3rd Bank subordinated this HELOC into predatory equity draining refinance with Cendant
I tried to get documentation on title search and preparation by this attorney and was told I DID IT MYSELF and since he quit claimed he has no responsibility.
I know he is guilty of so many crimes but this property has now been victimized over and over again without ever being "owned" per our purchase. It is now sitting on sheriff sale website and sanctions on me prevent presenting evidence not brought in by my negligent previous attorney(s) who stated bankruptcy was my only option. I now see I have a HUGE case with punitive damages since my husband's passing (last January 2007) I have done the discovery (most)informed Governor Strickland, Marc Dann, Sherrod Brown, Farmers Homeowners Insurance, but nothing is happening and every day it is closer to the foreclosure sale that will extinguish all interests I am told....
Any lawyer in Ohio interested in a huge case that would be precedent making I would talk to...
Wow, Anon. Let's see if any attorneys are reading that might want to help. Is anybody out there?
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