InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics 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 ] Controlling your trust's trustee Posted by Ward-CA- on April 25, 2008 at 7:40 AM In Reply to: tht trustee posted by hard money lender on April 24, 2008 at 8:52 PM HML, Most people are familiar with the Living Trust and the fact that the trustor, trustee and beneficiary of a living trust are all the same person...the creator of the trust. So there's no rule as to whom, or what entity can play those roles. In years past I was my own trustee until I wised up to the fact that the public always surmised I must also be the beneficiary. So to avoid that connection I began using my son Eric or fellow business friends. But when we had an occasional goofy lawsuit and Eric was dragged into that nonsense I decided to use the shield of an LLC for that position. And that's what I continue to use to this day. So I created an LLC to be the trustee for my deals and for-hire, for others who aspire for anonymity of property ownership. I, and my trust class grads, use a set of nifty "trip wires" to protect against rogue trustees...so we haven't surrendered any "control" whatsover by not acting as our own trustee. -------Ward ============== : my use of tht's is mainly to keep the name of my main trust out of the record books. my beneficiary of the tht is a pass-thru trust, so there is nothing sacred about my tht, should i be forced to show it in court. : i realize that it would be better, from a privacy standpoint, to have the trustee of the tht someone other than myself. however, i just dont want to give up that sort of control, plus i dont have much intention of holding onto real estate for great lengths of time. : i would be interested in how the rest of you who use them, decide how to appoint your trustee. : and ward, my psychological profile of you cant quite imagine you giving anyone else the job of trusteeship of your assets, no matter what - lol. i am curious, if you would like to answer, who you have as a trustee. i think you may have mentioned before that you have your own llc as a trustee. if this is true, and then if you are the real trustee, doesnt that fall basically back into the discussion that jerry and i were having - about a neutral party trustee ? Follow Ups: Re: Controlling your trust's trustee hard money lender 8:25 AM, 04/25/08 (3) Domestic vs foreign entities... Ward-CA- 2:05 PM, 04/25/08 (2) Re: Domestic vs foreign entities... hard money lender 5:47 PM, 04/25/08 (1) Re: Domestic vs foreign entities... Brent Carlson 3:04 PM, 04/26/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : HML, : Most people are familiar with the Living Trust and the fact that the trustor, trustee and beneficiary of a living trust are all the same person...the creator of the trust. So there's no rule as to whom, or what entity can play those roles. : In years past I was my own trustee until I wised up to the fact that the public always surmised I must also be the beneficiary. So to avoid that connection I began using my son Eric or fellow business friends. But when we had an occasional goofy lawsuit and Eric was dragged into that nonsense I decided to use the shield of an LLC for that position. And that's what I continue to use to this day. : So I created an LLC to be the trustee for my deals and for-hire, for others who aspire for anonymity of property ownership. : I, and my trust class grads, use a set of nifty "trip wires" to protect against rogue trustees...so we haven't surrendered any "control" whatsover by not acting as our own trustee. : : -------Ward : : ============== : : : : my use of tht's is mainly to keep the name of my main trust out of the record books. my beneficiary of the tht is a pass-thru trust, so there is nothing sacred about my tht, should i be forced to show it in court. : : i realize that it would be better, from a privacy standpoint, to have the trustee of the tht someone other than myself. however, i just dont want to give up that sort of control, plus i dont have much intention of holding onto real estate for great lengths of time. : : i would be interested in how the rest of you who use them, decide how to appoint your trustee. : : and ward, my psychological profile of you cant quite imagine you giving anyone else the job of trusteeship of your assets, no matter what - lol. i am curious, if you would like to answer, who you have as a trustee. i think you may have mentioned before that you have your own llc as a trustee. if this is true, and then if you are the real trustee, doesnt that fall basically back into the discussion that jerry and i were having - about a neutral party trustee ? [ 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 © 1997-2008, 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