Quote
Island Time
Does anyone happen to know which states recognize the title holding trusts? They have been a great tool for me in California. I am wondering if they will work in other nearby states such as Oregon, Utah etc.

Thanks!

========

With the exception of Wisconsin, Tennessee and Louisiana, all other states are permissive in the use of the title holding trust to hold title to real property. Some states such as Florida, Illinois, Hawaii, Georgia and Virginia actually have enacted land trust statutes that deal exclusively with the trust and its use. A synonym for the land trust is the more modernly used reference...the "title holding trust".

Some states have quirks in the use of the trust. For example, in Arizona it's required to name the beneficiaries of a trust on the the face of the deed that transfers real property into the name of the trust. So it's common there to list an entity as the initial beneficiary of your trust.

What's more common with the use of the title holding trust is that occasionally a title company involved in a transaction will require more documentation than usual regarding your trust. So usually it's a simple fix to provide the extra paperwork, or alternatively, go title company shopping.

I don't like the spectre of such last minute surprises or hangups, so I insist on using my local title company on all deals I'm involved in.

--------------------------Ward

==============================