Land Trust Trustee
Hi Guys,
I am ready to purchase my first rental property and would like to take title in a land trust. Can someone guide me on how to locate a trustee?. Are there any organizations that will offer such a service at reasonable cost? I do not want family and friends to be the trustee.
Thanks.
Someone in another forum had suggested making your LLC the benficiary, and you personally serving as the trustee.
trustee should be someone you trust. You can pay lawyers and other organizations to be your trustee, but why. Just find someone who you trust, and make them your trustee.
The LLC...you trustee route....be careful with that one. No point of using a trust when doing that. Purpose of trust, "MOST" of the time is to provide privacy. If your the trustee or the LLC is the trustee.....then what's the point.
I've always used my company as the Beneficiary, since any profits will be filtered through the company, and myself as the Trustee. You can not do it the opposite, at least not in FL. When naming the trust if you put at least 25 characters in front of it and then your name as trustee, it won't show on a public search, since they usually only show the first 25 or so characters
Yeah, but in some counties...like mine, you can view the actual document that was recorded in a pdf format online.
srivhar:
Nice to meet you!
You said you don't want family or a friend to be Trustee...
Try you bank --ask if they have a Trust Ofcr or goto a title co. andask the same.
If they provide Trustee services.
cost range from about $100 to $300 annually.
Attorneys aren't cheap my old RE Atty use to charge 1% of the value ofthe estate property PLUS prep and filing costs.
As previously mentioned you could nominate yourself as Trustee (if Privacy isn't an issue) but do be careful not to end having your Trust viewed as 'DRY' ...
You can avoid this by remaining the sole named beneficiary on the filed Trust afterwards you 'silently' ABI (Assign Beneficial Interest) to a non-related party or enitity (LLC or FLP).
The above helps to prevent the sheild of your Trust from becoming pierced.
Talk with an Atty in your area familiar w Trusts.
If you need areferral orother assistance PM me...I'd be glad to getyoupointed in the right direction!
Hope this helps!
Derrick
Thanks Guys. All very good information. I will check with banks and Title co's.