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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: All the usual protections are present.. Posted by Walter on June 26, 2003 at 7:38 AM In Reply to: All the usual protections are present.. posted by Ward-CA- on June 25, 2003 at 11:16 PM : : Ward, : : Am I understanding this correctly? I am in Arizona. I have the homeowner in distress ( John Doe ) Quit Claim Deed his property located at 1212 E. Jones St. into a Title Holding Trust we call the 'Doe 1212 Jones Street Trust'. The verbage on the Quit Claim Deed would be under the Grantee 'XYZ LLC as trustee of the Doe 1212 Jones Street Trust, UDT dated 6-25-03'. John Doe would assign bennificial interest of the trust to me personally with my corporation XYZ LLC still as trustee. When I sell the property ( or more accurately the beneficial interest in the trust ) to the end consumer, the new end consumer can at their option continue to use my LLC as trustee if it is agreeable to me, or complete a substitution of trustee form and record it. Is that right? : : The second part of my question is ... What is to stop some savvy/slimy individual from finding just such a Quit Claim Deed recorded and simply create his own title holding trust under the same name with XYZ LLC as the trustee and himself as the original beneficiary ( therefore eliminating the need for an assignment of beneficial interest from John Doe )which would pose a conflict to my legitimate trust? : : I am sure I am missing something simple. : : Thankyou, : : Walter : =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- : Walter, : Arizona is one of those rare states that requires the beneficiaries of a trust to be enumerated on the face of the deed that transfers title of the involved real property to the trust. So much for privacy! : When you resell the property your trustee would deed it out of the trust and vest it directly in the name of the buyer. Nobody uses the Substitution of Trustee form since the beneficiary is the one who signs it—and the minute they do they’d lose their anonymity. : If you found that rare buyer who wanted to keep the property vested in the Jones Trust, then you’d assign 100% of your beneficial interest in the trust to them (its not recorded) and have your trustee deed the trusteeship to their designated trustee as the successor trustee of the trust. : Now to your slime ball question. : In your hypothetical set-up you have an LLC as the trustee of the Jones Trust. Your felon would have to sign the deed (on behalf of the LLC) that transfers the property from your LLC to some third party. When you sign a deed you do so before a notary public that requires a photo identification, such as a driver’s license. : Hope this helps. Ward, Yes it does, I think. So would the language on the Quit Claim Deed under Grantee be John Doe, Beneficiary of the Doe 1212 Jones Street Trust, UDT dated 6-25-03? Or would it be XYZ LLC, trustee of the Doe 1212 Jones Streed trust, UDT dated 6-25-03, John Doe as Beneficiary? Or What? Once we have successfully Deeded it into a trust with John Doe as the beneficiary and showing such on the Quit Claim Deed, Can he then assign beneficial interest of the trust to me without recording another deed thereby sidestepping the due on sale clause in his mortgage? Does the assignment of beneficial interest need to be recorded? Do you offer a 5 hour class that will provide me with a Title Holding Trust that will be compliant for Arizona Law. If so, when? Thankyou, Walter Follow Ups: AZ is a bummer where trusts are concerned... Ward-CA- 8:11 AM, 06/26/03 (2) Re: AZ is a bummer where trusts are concerned... jenv 1:23 PM, 06/26/03 (0) Re: AZ is a bummer where trusts are concerned... Walter 1:14 PM, 06/26/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : : Am I understanding this correctly? I am in Arizona. I have the homeowner in distress ( John Doe ) Quit Claim Deed his property located at 1212 E. Jones St. into a Title Holding Trust we call the 'Doe 1212 Jones Street Trust'. The verbage on the Quit Claim Deed would be under the Grantee 'XYZ LLC as trustee of the Doe 1212 Jones Street Trust, UDT dated 6-25-03'. John Doe would assign bennificial interest of the trust to me personally with my corporation XYZ LLC still as trustee. When I sell the property ( or more accurately the beneficial interest in the trust ) to the end consumer, the new end consumer can at their option continue to use my LLC as trustee if it is agreeable to me, or complete a substitution of trustee form and record it. Is that right? : : : The second part of my question is ... What is to stop some savvy/slimy individual from finding just such a Quit Claim Deed recorded and simply create his own title holding trust under the same name with XYZ LLC as the trustee and himself as the original beneficiary ( therefore eliminating the need for an assignment of beneficial interest from John Doe )which would pose a conflict to my legitimate trust? : : : I am sure I am missing something simple. : : : Thankyou, : : : Walter : : =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- : : Walter, : : Arizona is one of those rare states that requires the beneficiaries of a trust to be enumerated on the face of the deed that transfers title of the involved real property to the trust. So much for privacy! : : When you resell the property your trustee would deed it out of the trust and vest it directly in the name of the buyer. Nobody uses the Substitution of Trustee form since the beneficiary is the one who signs it—and the minute they do they’d lose their anonymity. : : If you found that rare buyer who wanted to keep the property vested in the Jones Trust, then you’d assign 100% of your beneficial interest in the trust to them (its not recorded) and have your trustee deed the trusteeship to their designated trustee as the successor trustee of the trust. : : Now to your slime ball question. : : In your hypothetical set-up you have an LLC as the trustee of the Jones Trust. Your felon would have to sign the deed (on behalf of the LLC) that transfers the property from your LLC to some third party. When you sign a deed you do so before a notary public that requires a photo identification, such as a driver’s license. : : Hope this helps. : Ward, : Yes it does, I think. So would the language on the Quit Claim Deed under Grantee be John Doe, Beneficiary of the Doe 1212 Jones Street Trust, UDT dated 6-25-03? Or would it be XYZ LLC, trustee of the Doe 1212 Jones Streed trust, UDT dated 6-25-03, John Doe as Beneficiary? Or What? Once we have successfully Deeded it into a trust with John Doe as the beneficiary and showing such on the Quit Claim Deed, Can he then assign beneficial interest of the trust to me without recording another deed thereby sidestepping the due on sale clause in his mortgage? Does the assignment of beneficial interest need to be recorded? Do you offer a 5 hour class that will provide me with a Title Holding Trust that will be compliant for Arizona Law. If so, when? : Thankyou, : Walter 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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