Posted by JHyre in Ohio on May 30, 2002 at 08:01:26:
Recording destroys the privacy factor- the sole reason that one would use a land trust. The penalty for failing to record is often non-existent or weak. If you are unsure, get good advice- and do NOT record until then.
changing trustees - Posted by Peter Rzepka Vegas
Posted by Peter Rzepka Vegas on May 30, 2002 at 03:01:31:
Can anyone tell me what I must do to change trustees in a trust that my LLC is the owner of. My sister in a different state is presently trustee of all my trusts and I would like to switch a couple to my wife as trustee. Does this need to be recorded with the county? Thanks in advance.
Re: changing trustees - Posted by Terry (Houston)
Posted by Terry (Houston) on May 30, 2002 at 07:57:30:
There may be some states that require you to record your trusts but I didn’t think Vegas was one of those???
Why would you record the document that tells the world what you are doing and who the true owner is?
I do not record a thing pertaining to trusts and think about this, if someone calls your sister and says I demand to know who owns the beneficial interests of this trust your sister can say, “I don’t know, they fired me!”
Given the privacy that Nevada affords I would not think you would HAVE to record a thing, but again, I don’t know if it is required in your state.
To change the trustee just have the first trustee resign, or fire them, and hire your wife to be the trustee. Or you can have Co-Trustees or a Successor Trustee.
Just some thoughts…
WHEN IN DOUBT, RECORD! - Posted by Tobeykins
Posted by Tobeykins on May 30, 2002 at 03:37:12: