Living Trust Name
Hi,
is it legal to name a "Living Trust" as anything else other than "Living Trust of Pam Pammer"? ex: "Fantastic Living Trust"
Then on the tenant agreement, I could use " Pam Pammer as authorized agent of the Fantastic Living Trust".
This is all for purpose of keeping my name hidden from tenants ...
thanks, Pam
In Illinois Land Trusts aren't named after the owners or beneficiary's of the trust. They just have bank names and numbers. What's the rule in Florida, I'm assuming that's where your trust will be formed.
I'm not sure what type of ownership structure you intend to use, LLC, S-Corp, but maybe a LLC could represent your interest on the tenant agreement.
If you don't intend to have that buffer, i.e. LLC or a 3rd party Management Co., and you do have to deal with your tenants face to face. Since you're going to hold the property in a Land Trust therefore it's owner isn't known you could place yourself in the fictitious management role for a fictitious owner that chooses to remain unknown. Sort of like the hostage negotiator, "I'm not the boss, but I'm the only way you can get your demands met." It takes you out of the mix and puts you in neutral position, but still in a position of power. "I'm not the owner, I'm the property manager."
Unless you're using IL Land Trust specifically, the common law rule and procedure is to take title " ABC Property Trust, John Miller Trustee:"
This way your name doesn't appear in deed records.
IL Land Trust is specific creature of statute and must be followed exactly...but first you need to learn all about it, and the differences in it and CL trust in your state.
If you're unwilling or unable to do the legal research necessary to learn the differences and distinctions, then hire a local lawyer to do it for you.
Using wrong entity could cost you a lot more than the couple of hours of lawyer time.
A "living" trust and a "land" trust are two different things...as John stated, get an attorney's advice on this vital concern.
Best regards,
Tim