Living Trust
Hi,
I just talked to Title Company and they said the lender will not allow LLC or Land Trust. However, they will allow Living Trust or Family Trust. How will a Living Trust protect my name in the Public Record? How is the Living Trust gets worded in the public record so my name does not show up?
thanks, Pam
A trust that's set up right has somebody else's name as trustee, and the deed to the trust does not show your name as having any interest in the trust.
So somebody doing an **et search for property in your name is NOT going to find it, if it's in "ABC Realty Trust"...and they would have no way of knowing your interest in that trust.
Hi John and Law savvy readers here familiar with California Law,
I see many Living Trusts and Irrevocable Trusts in the Public record which are in the name of the respective families as in 'Public, John Q TRE' so I have to disagree on whether or not the trust was done properly.
I do have a question though, and this relates to my own parent's situation. My father died last year and I was able to recover from the public record and consistent monitoring some very unusual information(to make a long story short, my brother told me they had to break into Dad's safe, found the will and trust paperwork and that 'we three kids had to sign over our 1/3rd interest to Mom to which I said 'Let me know when to meet with you and I will look over the paperwork and sign it accordingly' This was preceded by calls asking if I was employed and when no other calls were made to me I called a month later to ask when a reading of the will was going to take place which was met with hostility for me asking and of course raised the flag of suspicion. I found out that both my brother and mother sold their homes for approx. $500K each and left the area with no forwarding addresses so I have plenty of reason to be suspicious of their motives. It seems in the online record from1996 to 2000 there was information showing the family trust as follows (name x'd out for confidentiality) Record Date Document Number GrantoR GranteE Name Cross Reference Name Document Type
29-NOV-1999 030941300 R XXXXXX CANDACE T XXXXXX DAVID TRE GRANT DEED
29-NOV-1999 030941300 R XXXXXX CANDACE T XXXXXX CANDACE T TRE GRANT DEED
29-NOV-1999 030941300 R XXXXXX CANDACE T DAVID & CANDACE T XXXXXXX REVOC L/TR GRANT DEED
------------
Then, in the record for 2001 to 2004 I found this:
11-FEB-2004 004543300 E XXXXXX CANDACE T RECONVEYANCE
12-JAN-2004 000933200 R CANDACE T CANDACE T J TRE BOB SMITH GRANT DEED
12-JAN-2004 000933200 R CANDACE T TRE APN 213-760-110 GRANT DEED
--------------------------
Which plainly shows a trust, in my mother's name transferring title to the buyer of that property. What blows me away though is there is no will recorded at the courthouse, there was never a 'Petition to set aside community property' and, wonder of wonders, I have tried to locate my mother through public databases and my best guess is either she's in trouble or sitting pretty on the inheritance, some of which may have been originally willed to me but through possible forgery, is now inaccessible to me. I have no money to salary an attorney in this area of law, a few attorneys reviewed the situation and they agreed 'Something stinks in Denmark' and there are NO attorneys that I can find in this specialty of law willing to take it on contingency. I just wonder, if there are any other resources I might use to 'take care of this myself' over time.
Quote:
On 2004-10-04 14:57, JohnMerchant wrote:
A trust that's set up right has somebody else's name as trustee, and the deed to the trust does not show your name as having any interest in the trust.
So somebody doing an **et search for property in your name is NOT going to find it, if it's in "ABC Realty Trust"...and they would have no way of knowing your interest in that trust.
Contact the new owner's title insurance company and file a fraud claim. The name of the company will be on the grant deed and or trust deed. I hope this helps.
BTW it's free.................................
Thanks Darryl,
I have already reported the scenario to the Attorney General of California and assigned a case worker to it. This was done over a month ago, I wonder how long before I hear anything else from them about the matter?
Also, since the public record only appears to show the personal residence not the personal property 'in trust' is that proof enough that no personal property was assigned to the trust? Is there some other documentation that would reside in the public records or courthouse covering the other assets to the estate that I should be looking for? There was the formality of the death certificate, but that did not happen for several months after Dad died (he had a stroke and became infected in the hospital too) Mom did not even honor his last request to be cremated and scattered, instead she went and cremated him and had him buried at Arlington National Cemetery and to make matters worse, my brother said "The Best part is, it was FREE!" as if to add salt to the wound of his dying.
From what I can tell, since there was no apparent will in the public record in addition to the revocable trust which became irrevocable once Dad died it leaves me with these questions. If by destroying the will, selling the home that is in trust and taking the profits from the sale of it and the personal property is what she did, how do I prove a will without there being one in the public record? Surely the will would have addressed the disposition of the non-real estate assets and Dad always said everything would be divided up evenly with half to Mom and the rest among the rest of us.
Thanks for your constructive input on this.
Does appear you were swindled.
For info of all, NO Last 'will should ever be found " on record" as wills are very rarely recorded.
And for benefit of all, don't be taken in by any scheme like this one probably was...talk to a lawyer before the fact, before signing or agreeing to anything regarding an estate.
Amazing how some families seem to come apart in lots of pieces and directions when there's money involved.
And a trust protects assets only by keeping their true ownership anonymous... because it's NOT in name of trust beneficiary.
Deed should say "1313 13th St Property Trust, Goofy Dawg Trustee", so name of property resident, grantor of trust, Donald Duck (this was his "real" address by the way).
This way, anybody suing DD couldn't tell from recorded deed records that DD really owned or had any interest in that property.
Thus if somebody who wanted to sue DD couldn't find a property in his name, probably gave up disgusted with DD's lack of any real assets.
JohnMerchant,
Do you know of a trusted company that will act strictly as a trustee?
We currently use our tax attorney but we'd like to use someone who can't be linked back to us.
Thanks
Mike
Tom Standen who owns North Am. Loan Svg Co recently went into the Trustee business so look him up here and contact him.
He's definitely trustworthy and whatever he says he'll do, he'll do.
Bill Gatten can give you Tom's phone number in Mid Pines CA.
By the way, somebody posted above that in CA a Will is typically recorded...I want to challenge that statement, as the CCCs regarding what CAN be recorded in CA are very limited, and I believe a Will is not on the list.
Further, even if it COULD be recorded, since the Testator is still living, it would not be a very smart thing to record a Will as it's NOT valid until/unless the Testator dies with that document being the last will..
If it's superceded by a later "Last" Will, the Testator sure would NOT want the earlier one floating around.
If you can cite me the law stating a Will can be recorded, do it.
Years ago, when court clerks were not so swamped with litigation matters, some counties in TX used to accept Last Wills which they'd "File but not record" as service to their community.
This practice ceased many years ago because they simply didn't have the space or manpower to continue the free service.
This may still be done in other places, but I doubt it.