How Do You Go About Forming A Trust? I
Is this something that can be done by you? I've been reading messages about sub-to that you form a trust that the owner makes you beneficiary of. Is this something that can be done around a table or do you need your lawyer to do this?
I hope this isn't the wrong forum, I figured it may be law related but not really sure.
Thanks
Quinn
I haven't done this yet, but I've read that forming a land trust is nothing more than filling out some forms and recording or filing them (not sure which) with the appropriate local government office. The book also said that it might be as little as ten bucks if you do it yourself, or 300 if you have an attorney do it. Hope that helps - Z
Hello,
Just joined this forum, and Im not sure if this question is on thread or not...but let me try. I am debating as a new Real Estate Investor whether to Incorporate or not. I also was advised to do irevocable Trusts....Can you do both..? Do you do a Trust for every deal...? Any help at all would be great.
Thanks
Bob
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[ Edited by JohnMerchant on Date 06/30/2004 ][ Edited by justleo7 on Date 06/30/2004 ]
make sure you understand a revocable v. irrevocable. There's a big difference. Typically people talk of revocable trusts.
There have been a ton of discussions as to how to hold a business. partnership, llc, s-corp, c-corp, sole-prop.
All have pros and cons and I thinkyou have to make the choice for you're own best interests.
As for trusts, I have had lawyers draft mine, ad I usually tent to do things that std. boiler place agreements don't address.
You just sign them, generally no need to record or file.