Legal Question in Wills and Trusts in Florida
Successor Trustee and language of warranty deed
A revocable living trust was created. There are two properties of real estate. A warranty deed was recorded indicating....property is placed in the name of the trust and also list successor trustee. The warranty deed also contains a paragraph entitled...Gift-No consideration....it states successor trustee upon the qualifying event of the grantor shall be deemed conclusive proof that the sucessor trustee provisions of the aforesaid Trust have been complied with. Does this mean that the successor trustee now inherits the property????????????????
1 Answer from Attorneys
Re: Successor Trustee and language of warranty deed
No consideration means that nothing was given in exchange for the transfer of interest/title to the property.
As for the successor trustee, he or she simply is someone who would take over the duties of the present trustee when or if the present trustee no longer will or can fulfill them; but the beneficiary(ies) would still have beneficial title as before. Unless the successor trustee is also a beneficiary, he or she does not "inherit" anything in the way you think.
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