New York Memorandum of Trust

Using a New York Memorandum of Trust

In New York, trustees of personal trusts use a memorandum of trust to certify the existence of a trust and their authority to act on behalf of the trust. The memorandum is used in place of the actual trust document and provides only essential information about the trust for lending institutions or other third parties. In this way, information that may be personal in nature, such as the designated beneficiaries under the trust, is kept confidential.

The memorandum is executed and signed by the grantor of the trust under the trust instrument, as well as the trust's formal name and date of origination. It identifies the trustee and any successor trustees with power to act on behalf of the trust.

The difference between a declaration of trust and a trust agreement, as designated in the memorandum of trust document, is the grantor's relationship to the trustee. If the trustee and the grantor are the same person and the grantor controls trust assets, the trust falls under a declaration of trust. If the grantor and the trustee are separate people and the trustee controls the trust assets, trust is under a trust agreement [1].

The distinction between a declaration of trust and a trust agreement also affects the name by which the trust takes title to real property as a grantee. In the following example, "John Doe," under a declaration of trust, serves as both grantor and trustee: "John Doe, trustee under declaration of trust dated mm/dd/yyyy." Under a trust agreement, the grantor name is included as well: "John Doe under agreement with Robert Grantor dated mm/dd/yyyy" [1].

All recorded documents relating to real property in the State of New York are required to include a physical description of the property, as well as the section, lot, block, and unit numbers.

[1] https://www.treasurydirect.gov/indiv/planning/plan_estate_trustsq_a.pdf

Deeds.com New York Memorandum of Trust Forms Have Been Updated as Recently as Tuesday October 29, 2019

4.7 out of 5 (972 Reviews)

What others like you are saying:

Michael L. said: I accidentally ordered the wrong deed package. Was looking for a quit claim deed and got a trustee deed. I immediately emailed the company, nothing back from them. I would like to exchange my purchase.

Reply from Staff: Thank you for your feedback. We replied to your message on December 20th at 2:05 pm, the reply was as follows: As a one time courtesy we have canceled your order/payment for the Trustee Deed document.

Nancy C. said: So easy and documents downloaded in a flash. Highly recommended. Just gotta fill out and submit done. Thank You

Reply from Staff: Thank you!

James W. said: Thank-you for your excellent services

Reply from Staff: Thank you!

Dee R. said: Quick, Simple order process with many options of forms to download!

Reply from Staff: We appreciate your business and value your feedback. Thank you. Have a wonderful day!

Kevin A. said: I LOVE THIS SITE KEEP UP THE GREAT WORK YOUR DOING THNKS KEVIN

Reply from Staff: Thank you!

Koko H. said: Five star. Prompt and easy way to obtain information. Good value.

Reply from Staff: We appreciate your business and value your feedback. Thank you. Have a wonderful day!