Expat Trustee In Land Trust
Are there any restrictions on appointing a land trust rustee living in another country? Practical considerations?
Are there any restrictions on appointing a land trust rustee living in another country? Practical considerations?
There are definitely practical considerations.
If you want to sell, the Trustee is supposed to sign the documents.
Other things that the owner might sign are supposed to be handled by trustee too, like signing leases and such, but realistically no one ever seems to check to see if the person claiming to be the landlord is actually the owner or not.
N.
Neill sure brings up a good point, about notary's acknowledgement being a lot different issue in another country.
As I recall the law on such, the T'ee might have to go to the US Embassy or Consulate and have his/her signature formally attested to and witnessed. Not as easy as a NP on every corner like here.
While there's no legal reason a T'ee can't be anywhere, any nationality, it might make things so awkward it just wouldn't be worth it.
I would suggest appointing yourself as a "Co- trustee". THis can be simply done and will leave you able to sign leases and agreements as well as perfomr the other duties needed. You will not show up on the public records as you would appoint yourself "Co-trustee" after the deed has been filed at the courthouse.
I even have a form somewhere here that does just that.
This is really quite simple after all!
Thanks everyone for the comments/perspectives. It's only bn a short while since I found this site. Thes forums are very helpful in narrowing the potential courses of action. I certainly am grateful for this resource. Appointing myself as "co-trustee" after recording the trust.... hmmm... That wud make me bascially an invisible trustee . I mean how cud this be verified/substantiated in the event it was challenged. I'm having a hard time putting the pieces together here. I hv recently received B. Bronchick's manual on land trust and hv gone thru it once but I do not recall it saying about this as a strategy. Cud you please give a little more detail on yr thought here???
Thanks[ Edited by bobabby on Date 02/15/2004 ]
If you have Bronchiks course it is on page 40 I believe.
second, it doesn't have to be recorded to be legal. The trust agreement should never be recorded in any case.
I repeat, after you file the deed you appoint yourself (through your trustee) a co-trustee with all the same rights and priviledges etc.
Luck