What is the name of your state (only U.S. law)? California
I need information regarding Correct titling on a petition to end a revocable trust in Santa Clara County.
Reasons include
trust has uneconomically low principal approximately $50,000
circumstances have changed and continuing the trust would defeat or weaken the trust.
reason for changing or ending the trust outweighs the interest in carrying out the purpose of the trust
BACKGROUND:
Trust was amended by the (2) beneficiaries within the last 3 years to provide that Beneficiary (A) would receive their full share of inheritence per trust provisions while Beneficiary (B) would be allowed to buyout (A) interest in the family home.
(B) remains in the family home. Home is not deeded back into trust. Trust provided that (B)'s distribution of funds be over a 25 year period.
Due to economic situation
house value has decreased below value of loan
(B) has sustained wage loss due to injury and cut in hours worked.
Currently (B) is facing foreclosure of the home. Being allowed to access the remaining balance of trust would allow him to use $22,000 to save the home. The remaining balance can be used to supplement is unstable earning situation.
I need information regarding Correct titling on a petition to end a revocable trust in Santa Clara County.
Reasons include
trust has uneconomically low principal approximately $50,000
circumstances have changed and continuing the trust would defeat or weaken the trust.
reason for changing or ending the trust outweighs the interest in carrying out the purpose of the trust
BACKGROUND:
Trust was amended by the (2) beneficiaries within the last 3 years to provide that Beneficiary (A) would receive their full share of inheritence per trust provisions while Beneficiary (B) would be allowed to buyout (A) interest in the family home.
(B) remains in the family home. Home is not deeded back into trust. Trust provided that (B)'s distribution of funds be over a 25 year period.
Due to economic situation
house value has decreased below value of loan
(B) has sustained wage loss due to injury and cut in hours worked.
Currently (B) is facing foreclosure of the home. Being allowed to access the remaining balance of trust would allow him to use $22,000 to save the home. The remaining balance can be used to supplement is unstable earning situation.