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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Keeping your trustee honest... Posted by Ward-CA- on June 29, 2003 at 11:28 PM In Reply to: Powers Of Trustee posted by SeanW on June 28, 2003 at 4:23 PM : I've been comparing a draft of my living Trust with the one on Bronchick's site; both of them spell out pretty broad powers to the trustee-- things like the power to buy partial interest in business, invest overseas, etc. : This is all moot while I'm alive, in a beneficary-directed revocable trust... Since in practice, the only thing I will ask my trustee to do, is deed-in and deed-out of the trust. Everything else, I will manage. : But I'm just curious, if you other "pros" leave wide latitude to your trustee, in the event you are incapacitated...? Or did you trim the language of the trust declaration to its bare minimum? -=-=-=-=-=-=-=-=- Sean, Most of us rarely do anything with our living trusts. It’s just the repository of our collection of real estate—the beneficiary of our individual title holding trusts that hold title to our rentals and income property. What I’m really concerned with is making sure the various trustees of my title holding trusts can’t take advantage of their position to my disadvantage. That’s accomplished by having devices in place that will sound an alarm in advance of any illicit, unauthorized refinance or sale of real property under their control. The language in the Declaration of Trust won’t do you much good in this area if your trustee doesn’t have to show the trust to anyone. If all he has to do is fill out and sign a notarized Certification of Trust the Declaration of Trust can be neatly sidestepped. What you need are some early-warning trip wires and a back-up transfer deed. Hope this helps... Follow Ups: hoodia Harry Juna 2:42 PM, 02/03/05 (0) Re: Keeping your trustee honest... Travis-CA 7:00 PM, 06/30/03 (1) LLC vs Trust SeanW 9:54 PM, 06/30/03 (0) Tripwires SeanW 8:37 AM, 06/30/03 (6) Control mechanisms over a trustee... Ward-CA- 4:18 PM, 06/30/03 (5) Re: Control mechanisms over a trustee... jenv 1:52 AM, 07/01/03 (4) Control mechanisms over a trustee... Ward-CA- 11:41 PM, 07/03/03 (2) Re: Control mechanisms over a trustee... jenv 1:44 AM, 07/04/03 (1) Don't give the "criminally inclined" that much credit... Ward-CA- 11:51 AM, 07/04/03 (0) Re: Control mechanisms over a trustee... SeanW 6:33 AM, 07/01/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I've been comparing a draft of my living Trust with the one on Bronchick's site; both of them spell out pretty broad powers to the trustee-- things like the power to buy partial interest in business, invest overseas, etc. : : This is all moot while I'm alive, in a beneficary-directed revocable trust... Since in practice, the only thing I will ask my trustee to do, is deed-in and deed-out of the trust. Everything else, I will manage. : : But I'm just curious, if you other "pros" leave wide latitude to your trustee, in the event you are incapacitated...? Or did you trim the language of the trust declaration to its bare minimum? : -=-=-=-=-=-=-=-=- : Sean, : Most of us rarely do anything with our living trusts. It’s just the repository of our collection of real estate—the beneficiary of our individual title holding trusts that hold title to our rentals and income property. : What I’m really concerned with is making sure the various trustees of my title holding trusts can’t take advantage of their position to my disadvantage. : That’s accomplished by having devices in place that will sound an alarm in advance of any illicit, unauthorized refinance or sale of real property under their control. : The language in the Declaration of Trust won’t do you much good in this area if your trustee doesn’t have to show the trust to anyone. If all he has to do is fill out and sign a notarized Certification of Trust the Declaration of Trust can be neatly sidestepped. : What you need are some early-warning trip wires and a back-up transfer deed. : 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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