A new bill was recently enacted into law to amend the statute that created the Certificate of Trust Existence and Authority. A Certificate of Trust is still required to be recorded when a trustee is conveying an interest in tile being insured, but now the Certificate of Trust is to be in the form of an Affidavit.
A Certificate of Trust may be signed by the settlor, any trustee (which now includes successor trustees), or an attorney for the settlor or trustee. Here are the new requirements for a Certificate of Trust:
- Name of the trust, date of the trust, and date of any amendment to the trust;
- Name and address of each current trustee’
- Powers of the trustee relating to the real property (note, it is no longer required to have verbatim reproductions of certain trust provisions);
- The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust;
- The authority of co-trustees to sign on behalf of the trust and whether all or less than all of the co-trustees are required to sign
- Statement that the trust has not been revoked, modified, or amended in any manner that would cause the representations included in the certificate of trust to be incorrect;
- And, the legal description of the real property to be insured.
As always, it is important is contact an attorney for questions regarding your trust and the new law for certificates of trust.
You can find links to each new law here:
By Alicia Schaub
Alicia Schaub is Access Title Agency’s on-staff attorney for the Traverse City and Suttons Bay, Michigan offices. She graduated cum laude from Western Michigan University Cooley Law School and is licensed to practice law in the State of Michigan. Contact info: firstname.lastname@example.org or (231) 539-1203.