Living Trust To Keep My Name Private?
Hi,
Gurus please ...
I know that Land Trust is used to for Privacy purposes and that only Land Trust Name shows up in the public records.
Question: if I use Living Trust, would it do the same thing in terms of Privacy? How would it appear in the public records?
thanks, Pam
PAM:
Nice to meet you!
You are talking apples and apple sauce here...
Land trust is in fact a living trust that holds title only to property( real estate)
while a living trust can in fact remain as private as a Will (A Trust is a Living Will)...A Land Trust must record Title, and/or the name of the Trustee on the Public record.
In some states such as Colorado they require the Trustee to ID ALL Beneficiries and further to notify of any Changes in Ownership of Beneficial interest.
There may be other States having similar requirements...Be sure to check the Statutes for your own State as well as those other States you plan to do creative RE Investing in.
Happy Investing!
Derrick Ali :-D
While some states have adopted the Uniform Trust Act, not all have done so.
It is very important that anybody having a new trust drafted for himself, make sure he KNOWS whether that trust can hold RE in a particular state without having to register and make public its beneficiaries.
John Merchant