Posted by JA-FL on May 08, 2000 at 09:28:24:
Try these ideas. You can appoint anyone as trustee, even yourself (but not a great idea since one of the purposes is to keep your name out of the picture) The important thing is for the trustee to be someone you trust!(self evident) Lawyers are fine, but tend to cost. Relatives are fine, if they don’t have the same surname. Whoever you pick, you can always change, if necessary later on. Purchase it in "The 123 Anyname Trust,(Your example) and title it the same with "John Jones (or whoever you pick), as Trustee. Thats what goes on the land records. If accepted, set up the trust at closing, it just some paperwork that the title co can notarize. If not accepted, you can forget it. Anything else?
Land Trust question - Posted by Charity
Posted by Charity on May 08, 2000 at 09:01:41:
As I study the Ron LeGrand course, I come up with all of these questions!
On a Land Trust, who do you appoint as the trustee? Is it the attorney. Since you yourself are the beneficiary, I wasn’t real clear on who the trustee was.
Also, he mentioned that it makes the agents work better with you when they know it isn’t a single investor purchasing but a trust. How can you purchase (on the actual contract) as a trust, but not have actually set up the trust? Does that make sense? In other words, say I find a house on 123 Main Street and I make an offer. Do I set up a trsu ahead of time in case the offer is accepted (how can you do that if you don’t own the property?) or do I put my name on the contract and then change it later? I cannot figure out the actual steps to how this is done.
Thanks!
Charity