InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Be careful Posted by Gary Mialocq on December 22, 2006 at 6:33 AM In Reply to: Looks like you're hooked on trusts... posted by Ward-CA- on October 23, 2006 at 10:35 PM You have to be very careful in how you take title. I always use Equity Holding Corp. I've found them to be exceptional. They are a non-profit corporate Trustee that holds title across the US. Were the property to be vested solely in the trust there would be no conversion of realty ownership to personalty (equitable conversion); nor would the property be protected from liens, suits and judgments: i.e., when beneficiary directors are unrelated in purpose. The thing that distinguishes the land trust from all other inter vivos trust forms is that very fact: the fact that the trustee owns the property: not the beneficiaries; not the settlor; and not the trust per se. If you were to name the trust, say, "The Jones Trust with Xxxx as Trustee," you will have vested the property in the trust and not the trustee likely creating a dry and/or failed trust... that's precisely why in a bona fide land trust the trustee's name MUST ALWAYS COME FIRST ON THE DEED, because that is to whom the property is being deeded. : HML, : 1). Yes, applies to all properties across the board. : 2). Yes, that’s why ALL of my mail comes to the office—not my home. : 3). There are lots of trustees for hire in Illinois, Florida, Michigan, etc. Here in CA I’m the trustee for about 15 folks. I charge $100 yearly. : 4). The vesting language of a trust usually goes like… : “Rendezvous, LLC as Trustee of the Elm Trust, dated 05-05-05” : Hope this helps, : ----Ward---- : ================================= : : Hi ward, : : thanks for the insight. so they typically go back 5 years, that is good to know. does this apply to my personal home ? : : it would seem to me that in order to protect my home, i might actually have to have a mailing address different from my home, figuring just about anyone can find out your mailing address. : : also, with regard to the trust - how do people go about finding someone other than themselves, to act as a trustee ? : : i currently have one rental property, in my name, but i have a notarized grant deed for it, placing it in a trust, that is only intended for that one property. that trust then names my living trust as its beneficiary. : : if i had a property on 123 elm st, would there be any problem with naming the trust "123 elm street trust - john jones, trustee." ? Equity Holding Trust Specialist Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : You have to be very careful in how you take title. : I always use Equity Holding Corp. I've found them to be exceptional. : They are a non-profit corporate Trustee that holds title across the US. : Were the property to be vested solely in the trust there would be no conversion of realty ownership to personalty (equitable conversion); : nor would the property be protected from liens, suits and judgments: i.e., when beneficiary directors are unrelated in purpose. : The thing that distinguishes the land trust from all other inter vivos trust forms is that very fact: the fact that the trustee owns the property: : not the beneficiaries; not the settlor; and not the trust per se. : If you were to name the trust, say, "The Jones Trust with Xxxx as Trustee," you will have vested the property in the trust and not the trustee likely creating a dry and/or failed trust... : that's precisely why in a bona fide land trust the trustee's name MUST ALWAYS COME FIRST ON THE DEED, because that is to whom the property is being deeded. : : : HML, : : 1). Yes, applies to all properties across the board. : : 2). Yes, that’s why ALL of my mail comes to the office—not my home. : : 3). There are lots of trustees for hire in Illinois, Florida, Michigan, etc. Here in CA I’m the trustee for about 15 folks. I charge $100 yearly. : : 4). The vesting language of a trust usually goes like… : : “Rendezvous, LLC as Trustee of the Elm Trust, dated 05-05-05” : : Hope this helps, : : ----Ward---- : : ================================= : : : Hi ward, : : : thanks for the insight. so they typically go back 5 years, that is good to know. does this apply to my personal home ? : : : it would seem to me that in order to protect my home, i might actually have to have a mailing address different from my home, figuring just about anyone can find out your mailing address. : : : also, with regard to the trust - how do people go about finding someone other than themselves, to act as a trustee ? : : : i currently have one rental property, in my name, but i have a notarized grant deed for it, placing it in a trust, that is only intended for that one property. that trust then names my living trust as its beneficiary. : : : if i had a property on 123 elm st, would there be any problem with naming the trust "123 elm street trust - john jones, trustee." ? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2006, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455