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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trust details... Posted by heywood on June 22, 2002 at 1:52 AM In Reply to: Trust details... posted by Ward-CA- on June 18, 2002 at 7:37 PM : : So, basically, when you do a Land (Title holding)Trust, then do you not record a "Deed to Trustee" at the courthouse? If that is the case, then does that means that at the courthouse my name is still showing as the property owner? Is the reasoning behind it that if you get sued by someone, then you can legaly say that you are not the owner, becouse, even though the courthouse shows your name on title, in reality the actual owner is the "Tust" ? Please let me know if I am understanding it correctly. Thanks! : : Gonzalo : =•=•=•=•=•=•=•=•=•=•= : Gonzalo, : To create a trust you would fill out and sign a Declaration of Trust. : Then to transfer real property into the trust’s name you would name it as the grantee on whatever deed you commonly use in your state. For example, if you were buying a house on Chestnut Street, you might use the following vesting language in the grantee’s spot on the deed, “Gonzalo Castro, Trustee of the Chestnut Trust, dated 06-18-02”. : Once the deed was filled in and the grantor’s signature notarized you would then take the deed down to the county recorder’s office and record it. : Now if privacy was important to you, then you wouldn’t want to be your own trustee because most people presume that the trustee is also the owner or beneficiary of the trust. So in that case you could make my LLC as your trustee, as follows, “Financial Fitness, LLC as Trustee of the Chestnut Trust, dated 06-18-02”. : Thereafter, if you got sued by someone, they wouldn’t be aware of your ownership in the Chestnut Trust since your name isn’t attached to it as far as the public record is concerned. The actual connection would show in the Declaration of Trust, which is never recorded nor registered anywhere. : Hope this clears this issue up for you. Ward, If you are the agent of record for your LLC does that negate the privacy issue? If so, then should I change the agent to someone else such as family member? Are they at any risk by being in this position of agent? If they have the same last name as I do is that also a less than perfect shield for privacy? Thanks for being a wonderful resource of knowledge! Follow Ups: Re: Trust details... Ward-CA 7:28 AM, 06/23/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : So, basically, when you do a Land (Title holding)Trust, then do you not record a "Deed to Trustee" at the courthouse? If that is the case, then does that means that at the courthouse my name is still showing as the property owner? Is the reasoning behind it that if you get sued by someone, then you can legaly say that you are not the owner, becouse, even though the courthouse shows your name on title, in reality the actual owner is the "Tust" ? Please let me know if I am understanding it correctly. Thanks! : : : Gonzalo : : =•=•=•=•=•=•=•=•=•=•= : : Gonzalo, : : To create a trust you would fill out and sign a Declaration of Trust. : : Then to transfer real property into the trust’s name you would name it as the grantee on whatever deed you commonly use in your state. For example, if you were buying a house on Chestnut Street, you might use the following vesting language in the grantee’s spot on the deed, “Gonzalo Castro, Trustee of the Chestnut Trust, dated 06-18-02”. : : Once the deed was filled in and the grantor’s signature notarized you would then take the deed down to the county recorder’s office and record it. : : Now if privacy was important to you, then you wouldn’t want to be your own trustee because most people presume that the trustee is also the owner or beneficiary of the trust. So in that case you could make my LLC as your trustee, as follows, “Financial Fitness, LLC as Trustee of the Chestnut Trust, dated 06-18-02”. : : Thereafter, if you got sued by someone, they wouldn’t be aware of your ownership in the Chestnut Trust since your name isn’t attached to it as far as the public record is concerned. The actual connection would show in the Declaration of Trust, which is never recorded nor registered anywhere. : : Hope this clears this issue up for you. : Ward, : If you are the agent of record for your LLC does that negate the privacy issue? If so, then should I change the agent to someone else such as family member? Are they at any risk by being in this position of agent? If they have the same last name as I do is that also a less than perfect shield for privacy? Thanks for being a wonderful resource of knowledge! 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

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