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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Cert. of Trust form Posted by Ward-CA- on June 25, 2003 at 11:26 AM In Reply to: Setting Up NC Trust posted by SeanW on June 25, 2003 at 6:43 AM : I selected an attorney to draft my North Carolina trusts. She understands that it's primarily for privacy, not "estate planning"... and that it should be simple, beneficiary-directed, revocable, and have the language to hold real estate. : She will send me a draft in e-mail to review. What clauses should I examine closely in the CA certification of trust available here, perhaps to include in mine, before I approve it? =•=•=•=•=•=•=•=•=•=•= Sean, Our Probate Code Section § 18100.5 (a) lists the minimum details of what should be in the Certification of Trust here in California. One of the last suggestions in the code is to list: “The manner in which title to trust assets should be taken.” I find this particular suggestion to be very confusing to most of my trainees. Without hesitation, they will automatically fill in the name of their trust, whether or not they are buying or selling the involved property. The problem is that many sellers of trust properties have not gotten around to getting a bank account in their trust’s name. So when they receive their check at the close of escrow they have a tough time trying to cash it if the check is made out in the trust’s name!! On more than one occasion I’ve had to rescue a trainee with a large check that they couldn’t do anything with!! So, we’ve changed that particular line in our Certification to read: “The manner in which a closing check should be written, or the vesting of title to other trust assets should read is: __________________“ And unbelievably, at other times we find it very helpful to add the identification of the trust’s beneficiaries to the Certification of Trust form. That’s when the County Assessor calls asking for a copy of the trust to determine if we’ve just transferred our property into a trust or if we actually sold it to the trust. If she sees that we are also the beneficiaries of the trust then she understands that a sale has not taken place and won’t try to change the property’s tax valuation basis. Hope this helps. Follow Ups: Vesting Language SeanW 4:13 PM, 06/25/03 (1) Multiple indexing by name... Ward-CA- 7:43 PM, 06/25/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I selected an attorney to draft my North Carolina trusts. She understands that it's primarily for privacy, not "estate planning"... and that it should be simple, beneficiary-directed, revocable, and have the language to hold real estate. : : She will send me a draft in e-mail to review. What clauses should I examine closely in the CA certification of trust available here, perhaps to include in mine, before I approve it? : =•=•=•=•=•=•=•=•=•=•= : Sean, : Our Probate Code Section § 18100.5 (a) lists the minimum details of what should be in the Certification of Trust here in California. : One of the last suggestions in the code is to list: “The manner in which title to trust assets should be taken.” I find this particular suggestion to be very confusing to most of my trainees. Without hesitation, they will automatically fill in the name of their trust, whether or not they are buying or selling the involved property. : The problem is that many sellers of trust properties have not gotten around to getting a bank account in their trust’s name. So when they receive their check at the close of escrow they have a tough time trying to cash it if the check is made out in the trust’s name!! : On more than one occasion I’ve had to rescue a trainee with a large check that they couldn’t do anything with!! : So, we’ve changed that particular line in our Certification to read: “The manner in which a closing check should be written, or the vesting of title to other trust assets should read is: __________________“ : And unbelievably, at other times we find it very helpful to add the identification of the trust’s beneficiaries to the Certification of Trust form. That’s when the County Assessor calls asking for a copy of the trust to determine if we’ve just transferred our property into a trust or if we actually sold it to the trust. If she sees that we are also the beneficiaries of the trust then she understands that a sale has not taken place and won’t try to change the property’s tax valuation basis. : Hope this helps. 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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