• Private Trusts & Private Foundations

  Private Trust = Revocable Trust?

  Posted by elizabeth on November 23, 2022 at 11:13 am

  Hi, All,

  Last year Mark helped us create a Private Trust and we already placed the house in it.

  The deed for the house in the trust is filed with the County Clerk.

  I was even able to get a bank account for it (checking acct).

  Now my daughter (Beneficiary) applied for a personal loan using the house as collateral.

  The lawyers at the bank do not like that it does not say “REVOCABLE TRUST” on it.

  So I created an Addendum as the Trustee, calling it a “Revocable Trust” – but they are wasting time and may even require that we rewrite the Trust to approve this loan.

  These lawyers cannot understand anything else than what they know within the State of New Jersey:

  1. Irrevocable Trust

  2. Revocable Trust

  I know this Private Trust IS a revocable Trust, as the Settlor is no longer a party to the Trust.

  Do I need to amend this document so they can understand that it is in fact a Revocable Trust?

  I sent a message to Mark, but I know he is super busy and we are running out of time.

  Any and all help is greatly appreciated,

  Elizabeth

  elizabeth replied 2 years, 7 months ago 1 Member · 0 Replies
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