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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trusts - My Plan Make Sense? Posted by Jerry - Ca. on April 21, 2008 at 3:27 PM In Reply to: Re: Trusts - My Plan Make Sense? posted by hard money lender on April 21, 2008 at 2:51 PM Hello HML: With Illinois type Land Trusts ... not Testamentary Trusts like you use all the time ... the Legal and Equitable Tile is conveyed to the Trustee and a deed is recorded. There can only be ONE recorded deed transferring legal and equitable title to real property! I explained that with a Trust having more than one Beneficiary, if a Beneficiary is also the Trustee it invalidates the Trust through the "Doctrine of Merger" which is acknowledged by state law. A Beneficiary acting as a Trustee can hardly be considered a "neutral third party" dealing at arms-length ... like that of an escrow service. Jerry-Ca. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : hi jerry, : you certainly can have 3 separate trusts, each with partial ownership of a piece of property. : and i cant see why a co-beneficiary cant be the sole trustee. : perhaps i am not understanding what you are saying. Follow Ups: Re: Trusts - My Plan Make Sense? hard money lender 5:18 PM, 04/21/08 (7) Re: Trusts - My Plan Make Sense? Jerry - Ca. 10:06 AM, 04/22/08 (5) Re: Trusts - My Plan Make Sense? hard money lender 10:46 AM, 04/22/08 (4) Re: Trusts - My Plan Make Sense? Jerry - Ca. 11:38 AM, 04/22/08 (3) Re: Trusts - My Plan Make Sense? hard money lender 6:35 PM, 04/22/08 (2) Correct! (nt) Jerry - Ca. 6:52 PM, 04/22/08 (1) Re: Correct! But???? Mark Hamilton 11:24 AM, 04/26/08 (0) Re: Trusts - My Plan Make Sense? Jerry - Ca. 9:55 AM, 04/22/08 (0) Re: Trusts - My Plan Make Sense? Mark Hamilton 4:32 PM, 04/21/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello HML: : With Illinois type Land Trusts ... not Testamentary Trusts like you use all the time ... the Legal and Equitable Tile is conveyed to the Trustee and a deed is recorded. There can only be ONE recorded deed transferring legal and equitable title to real property! : I explained that with a Trust having more than one Beneficiary, if a Beneficiary is also the Trustee it invalidates the Trust through the "Doctrine of Merger" which is acknowledged by state law. A Beneficiary acting as a Trustee can hardly be considered a "neutral third party" dealing at arms-length ... like that of an escrow service. : Jerry-Ca. : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : hi jerry, : : you certainly can have 3 separate trusts, each with partial ownership of a piece of property. : : and i cant see why a co-beneficiary cant be the sole trustee. : : perhaps i am not understanding what you are saying. [ 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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