I was wondering if my trustee for my trust can be an LLC and not a person. I have all my properties in a trust, but one particular one I would like to change my trustee to an LLC. Is that possible/legal?
Thanks for the info. I think you answered my question but let me be a little more specific. When I record the deed I want to list the grantor as: 134323 Lake Stream Trust, c/o Livingston properties LLC.
Would that be ok, ir do i need to have a specific person listed on the deed as a trustte?
You dont need a specific person on the deed as the trustee. When I sell, the trust agreements show who the actual trustee is, whether it is me or someone else. If I have changed the trustee, there is a document for that to show the title company who the new trustee is.
If you are the trustee, on the deed records, so what. Does it matter?? NO. The document shows that you are the trustee of the property, not the owner. Only the trust documents will show that you are the 50% or 80% or 100% beneficial owner of the property.
By the way, your original question: Can an LLC be the trustee?? I dont know because I am almost always the trustee. I am the trustee for friends and relatives properties also. Just because my name shows up some does not matter.
The property I just purchased was from "LaSalle Bank, N.A. as trustee for the MLMI Trust..."
Not sure this answers your question, but to me it appears that a corporation can be a trustee without mention of a specific individual. After all a corporation is a "person" in U.S. law.
Chris
*With all the usual disclaimers that I am not an attorney, which you should consult &etc.[ Edited by ypochris on Date 02/06/2008 ]
In the case just mentioned, Wilshire Credit Corporation was attorney in fact- and yes, someone had to sign on behalf of Wilshire Credit Corporation; in this case the listing Realtor. So it is a long, long trail from the Realtor to the owner of the trust.
Sure, you can make an officer of the LLC the trustee. But you still got a human being in place.
Thanks for the info. I think you answered my question but let me be a little more specific. When I record the deed I want to list the grantor as: 134323 Lake Stream Trust, c/o Livingston properties LLC.
Would that be ok, ir do i need to have a specific person listed on the deed as a trustte?
You dont need a specific person on the deed as the trustee. When I sell, the trust agreements show who the actual trustee is, whether it is me or someone else. If I have changed the trustee, there is a document for that to show the title company who the new trustee is.
If you are the trustee, on the deed records, so what. Does it matter?? NO. The document shows that you are the trustee of the property, not the owner. Only the trust documents will show that you are the 50% or 80% or 100% beneficial owner of the property.
By the way, your original question: Can an LLC be the trustee?? I dont know because I am almost always the trustee. I am the trustee for friends and relatives properties also. Just because my name shows up some does not matter.
The property I just purchased was from "LaSalle Bank, N.A. as trustee for the MLMI Trust..."
Not sure this answers your question, but to me it appears that a corporation can be a trustee without mention of a specific individual. After all a corporation is a "person" in U.S. law.
Chris
*With all the usual disclaimers that I am not an attorney, which you should consult &etc.[ Edited by ypochris on Date 02/06/2008 ]
The LLC or corp can be the trustee. But that entity has to have an authorized signer.
as in:
ABC Trust
Foo LLC, Trustee
Bob Jones, Managing member
If at some later time, Sally Jones if the managing member for Foo LLC, she could sign.
In the case just mentioned, Wilshire Credit Corporation was attorney in fact- and yes, someone had to sign on behalf of Wilshire Credit Corporation; in this case the listing Realtor. So it is a long, long trail from the Realtor to the owner of the trust.
Chris