Posted by Bert ND on June 09, 2000 at 12:57:30:
Disclaimer. I haven’t done one of these yet, but have studied several of the courses out there.
I’m assuming the reason for deeding the house to a trust is to get around DOS. In this case the seller would initially be deeding the house to a trust “for his own bebefit”, with an assignment of beneficial interest to come later, if even just 10 minutes later. Thus a consideration would probably not be necessary.
Bill Bronchick’s forms have a space for notary on both the trust doc and the assignment. I’d assume its a good idea (Incidentally, I had my lawyer go over Bill’s trust agreement. Only changed one line, and thats because of our state’s particular law.)
Depends on your state law. Here, for example, it has to be deeded to the trustee, as in “Joe Blow as trustee for Oak Street Land Trust”. (thats what changed in #2. In other states it would be “Oak Street land trust, Joe Blow trustee”, or just “Oak Street Land Trust”.
My biggest problem is finding a trustee for my current properies. Could use friends or family, but I don’t trust most of them, and the one I do trust doesn’t want to get involved.