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Putting a property in the name of a trust? - http://www.dealmakerscafe.com Forums

Original message

Tim

"Putting a property in the name of a trust?" , Tue 29 May 08:21

Over this past weekend I looked through the archives to learn more about putting property in the name of a trust for privacy purposes. Although I have learned what they are, & the purposes for them, I however really didn't quite grasp as to how to do them. Can you just pull any name out of the air as the name of your trust? Also, when doing the closing, & recording the deed can you record the name of the trust Only as opposed to also the name of the trustee...or does that differ from state to state? My apologies if these are Simpleton questions, but thank you for your time. I hope that everyone had an enjoyable Memorial weekend.

Tim

Replies:

Tim

"Re(1):Putting a property in the name of a tru" , Wed 30 May 15:00

Lynn, thank you very much for sharing that very helpful piece of info. in reference to using trusts. Have a wonderful, & fruitful remainder of your week.

Tim

Lynn
Moderator

"Re(1):Putting a property in the name of a tru" , Tue 29 May 10:36

Yes Tim, you can name the trust anything you like. Some investors use the street address of the property i.e. 123 Main Street Trust. We personally use the seller's name in the trust. For instance if we bought a property from Timothy Lewis we would probably name the trust The Lewis Family Trust.

States do vary on filing requirements. Usually if you fill out the deed so that the name of the trust comes first then it would make it very hard for anyone to look up the property by the trustee's name i.e. The Lewis Family Trust, Joe Bloe as Trustee. However, with court house computer systems continually becoming more sophisticated this may not help for long.

If you "do not" put the trustee's name on the deed then it will tend to complicate things when someone tries to get title insurance, but this can usually be overcome by producing the original copy of the trust for the title company.

You should use someone besides yourself as trustee. We have a couple of "out of state" trustee's that we use.

Hope that answers your questions!

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?