Re: trustee question - Posted by Brad Crouch
Posted by Brad Crouch on April 17, 1999 at 17:19:51:
> OK, I’m (hypothetically)sitting in the seller’s
> living room, and he’s game. Where does he find a
> trustee on short notice . . .
It has been written . . . that you name a trustee of YOUR choosing (corporations are best). The seller is the beneficiary when the new deed is recorded.
The assignment of beneficial interest occurrs AFTER the deed has been recorded in the name of the trust, and the assignment of beneficial interest is NOT recorded.
> Do I act as the trustee?
Some do, but it kinda defeats the purpose of having a trust if you are striving for privacy.
> If he’s using me as trustee, can I notarize his
> signature on anything? (My notary ap is in the mail)
Whether you are a notary or not, you cannot notarize your own deals. Your wife cannot either, since she would have the same last name as you. If your trustee is a “natural person”, he also cannot notarize a document naming himself as a “participant”.
If you have a best friend who will not be serving as a trustee in any of your deals, you might encourage him to get certified as a notary, and accompany you to the sellers house when you think there is a possibility of y’all getting the documents signed off.
One other thing . . . if you look in the yellow pages (in advance) you might find a “travelling notary” who will come out and notarize for you. There will probably be a fee for this service, but this is “small potatos”. You may end up working with the same notary over and over again.
> I’ve convinced my friend the former lawyer to be my
> trustee for my 4-plex, although she still thinks
> its “a silly waste of time”.
Tell her to call Bill Gatten at 800-207-4273. He can give her whatever details she needs.
> When we get the trust agreement all filled out and I
> sign the deed, does there have to be any actual
> “closing”, or do we just got the courthouse and
> record the deed?
When the trust agreement is finished, it goes in your file cabinet as a “private document”. The deed gets recorded in the name of the trust, with the name of the trustee following the name of the trust. If the trust name is long enough, the trustee name will get “trunkcated” (cut off) from the normal display of the computers at the recorders’ office). The name will still be there, only now much harder to determine. No sense making it easy for anybody doing a search.