InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Purchase and Certification of Trust Posted by SeanW on May 22, 2003 at 11:34 AM In Reply to: Purchase and Certification of Trust posted by linda - CA on May 22, 2003 at 9:59 AM >>If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries It's probably worth a visit to your local library to read up on the mechanics of trusts. The trustee of a trust acts in the interest of the beneficiary. Because the beneficiary could be incompetent, insane, juvenile, or whatever... it doesn't strictly matter if the beneficiary agrees to the actions of a trustee. What's important is the trustee made the decision to assist and protect the beneficiary-- without a conflict of interest for the trustee. I haven't used trusts myself, but what the bank told you about that line in the trust creation sounds consistent to me. After all, why would you NOT want the power to borrow money on real estate? Follow Ups: Re: Purchase and Certification of Trust Jk 0:17 AM, 05/23/03 (1) Re: Purchase and Certification of Trust Gary 11:51 AM, 05/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : >>If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries : It's probably worth a visit to your local library to read up on the mechanics of trusts. The trustee of a trust acts in the interest of the beneficiary. Because the beneficiary could be incompetent, insane, juvenile, or whatever... it doesn't strictly matter if the beneficiary agrees to the actions of a trustee. What's important is the trustee made the decision to assist and protect the beneficiary-- without a conflict of interest for the trustee. : I haven't used trusts myself, but what the bank told you about that line in the trust creation sounds consistent to me. After all, why would you NOT want the power to borrow money on real estate? 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.

Copyright © 1997-2003, 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