In an effort to update our signature lines for Inter Vivos Revocable Trusts we are modifying our signature language for Montana and Washington state. Previously, the law in Montana (MCA 72-33-202) used the term “Trustor”. Consequently, we placed the term “Trustor” in the signature lines instead of the term used in the FNMA model language (“Settlor”). However, MCA 72-33-202 was repealed and Montana adopted the Uniform Trust Code, which uses the term “Settlor” for a person who makes a trust. By default, our Inter Vivos Revocable Trust documents will now use the term “Settlor” instead of “Trustor” for Montana loans.
Similarly, in Washington, the term “Grantor” is used. Upon reviewing RCWA 11.02.005 regarding the name of the maker of a trust, it was noted that Washington law uses both “Grantor” and “Settlor” interchangeably. Since WA law does not have a required term, we are changing the default trust signature line to “Settlor” to more closely conform to the FNMA model for trust signature lines.
These changes will be in effect on November 13, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.