How Do You Set Up A Trust...and How Much Does It Cost?
The subject title "How do you set up a (land) trust...and how much does it cost" is my question. I couldn't find an article on this site.
And should I use a trust for my very 1st deal? Do you have to have an LLC (or some other entity) before forming a trust?
Thanks.
There are several books on the subject, available in your public library. It's not really that difficult. you will complete a few forms, and assign a Trustee, fund the trust, and you're done. The cost is minimal. The highest expense is usually filing the Warranty Deed to Trustee at the county recorders office $10 or so. There are some decisions to be made when your filing out the declaration of trust documents, and choosing a trustee, but if you do your research, the actual formation of the trust is pretty simle.
Thanks!
So what is the difference between a land trust and a living trust?
A Land Trust and a Living Trust are similar, however a Land Trust is set up specifically for the purpose of holding title to real estate.