Seting up a land trust?
Hey gang!
I have heard a lot about land trusts and it was suggested in a course I bought to put your own house in a trust. Makes sense to practice it once. However the course didn't say how to do it.
Do I need to see an attorney to do this?
Who should be the trustee?
Any idea of an average cost?
Thanks!
Nos:
What's Happening M'Man?
To answer your question ---You can place your home into a simple Trust for Asset-Protection and/or estate planning purposes.
You'll need to submit (but not necessarily record) a Declaration of Trust document along with the Trust Agreement + Deed (Trust Deed for TD States or a Warranty Deed for others).
It's best as I alway say in the course you bought to have a 3rd Party Trustee handle everything.
However, to keep you costs to a minimum you can act as your own Trustee(not recommended) or have your Attorney to, or Next-Friend, or even have your S-Corp, C-Corp, or LLC. to act asw Trustee.
The cost to simply file or record yhese documents is probably lees than $100.
You can get copies of Land Trust off the Internet,
-Search Yahoo Land Trusts for an IL Type of Land Trust (Note: this one must me modified check it over carefully)or go to www.legalwiz.com(Bill Bronchik's site) for a FREE Download of a Declaration of Trust.
-Re-write (edit) to suit your Name and Trustee's Name + terms etc.
-Then print out on your computer,
-Have the docs reviewed by an Attoreny familiar with Land Trusts.
-Notarize and finally
-Pay the Recorder's Fees to file your Trust then you are all set!
I know I make this sound so simple, and in fact it is; however you must know the appropriate language that should be represented in your Trust Documents.
This is why I say have an attorney to set up your first or use a Trust filing(set up) service firm (like NARS).
Thereafter you can copy the exact documents only changing Names, dates, amounts etc.
I Hope this Helps!
Derrick Ali
[addsig]
Call Chicago Title and gety a printed copy of the one they created.
I use an Attorney as Trustee and have each property in its own land trust and name it the address of the property, 1017 First Street.
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[QUOTE]Nos: What's Happening M'Man?/QUOTE]
Guess I should sign with my real name (Joel), but I may be confused with the guy who runs this site. And I'm a web programmer too
Thanks Derrick, I'll check all that out Monday and look into NARS. Aren't you affiliated with them?
Rudy, thanks too. What happens if the attorney goes out of business? Who becomes the trustee?
Joel Nelson