Looking for somebody to walk me through the process. I know the gist, but would like to ask somebody in-the-know some specific questions. I'm in Calif.
I am interested in a title holding trust i.e. "land trust" simply to allow the trust to hold title to an investment property. A trustee would be appointed to carry out the business of the trust under the direction of the beneficiaries. I am considering having my S-Corp. as a beneficiary of the trust. Ultimately, I would like to have seperate land trusts for each of my properties.
Questions:
1. Are there documents other than the trust agreement and trust deed that are required to set up a land trust? I know that the deed is the only doc recorded in my county.
2. What is the difference between a "land trust" and a living trust? I am being told that there are important differences.
3. Upon completion of the trust, does the trustee by default retain all beneficial interest in the property, after which the interest is "assigned" to the beneficiaries and away from the trustee?
Good to meet you. I am in Fla.
What are you trying to accomplish?
I am the trustee of a few trusts. The tough part is the agreement between that involved parties.
What are plannign on doing witht he trust? Why do you want one? Etc.
[addsig]
I am interested in a title holding trust i.e. "land trust" simply to allow the trust to hold title to an investment property. A trustee would be appointed to carry out the business of the trust under the direction of the beneficiaries. I am considering having my S-Corp. as a beneficiary of the trust. Ultimately, I would like to have seperate land trusts for each of my properties.
Questions:
1. Are there documents other than the trust agreement and trust deed that are required to set up a land trust? I know that the deed is the only doc recorded in my county.
2. What is the difference between a "land trust" and a living trust? I am being told that there are important differences.
3. Upon completion of the trust, does the trustee by default retain all beneficial interest in the property, after which the interest is "assigned" to the beneficiaries and away from the trustee?
Thank you,
Darin
Hi
A living trust is a will.
There are others in this forum that will better be able to answer your other questions.
Mike