Does the Trustee of a Living Trust have to notify the Courts of a Death? I am the trustee and I have held a meeting with the family who are entitiled to any monies. I am having problems with Wells Fargo Bank in getting a demand for payoff as I have sold her home per her trust will. Escrow was to close on 08/09/2012. Escrow and I have complied with the information they requested, The Bank has requested information in pieces. I stand to lose the buyer for her property. This is 08/21/2012 and still have no pay off. Does it take this long when death is the reason for a Living Trust?
1 Answer from Attorneys
No. The trustee does not have to notify the courts of a death. You should file an affidavit of death of trustee and then the bank should provide you with the information as if you stepped into the shoes of the borrower. It should not take the bank that long and if the escrow sends them the request, they should comply with it or they will have liability for you losing the buyer. I do not understand your last question. If you have the proper paperwork filed with the county assesors office and have a certificate of trust and the home is in the Trust, the bank should be giving you, the trustee, the information needed to close.
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