Posted by Chi Ming on June 14, 2010 at 24:55:46:
You may not get the question. I have 11 in land trusts
for years and Farmers has never asked. The trustee is
the operating company in the state where the property
is located. According to an e-newsletter I got from
Bronchick a while back, the Land Trust is nothing more
than a specialized Living Trust anyway.
Insurance Company wants Land Trust Documents - Posted by John
Posted by John on May 11, 2010 at 12:21:49:
I have a home in a land trust. The insurance company wants to see the Original Trust Documents so they can insure The Trust and then me as an additional insured (I am trustee and beneficiary). Isn’t there a one page form I can show them without haven’t to reveal the entire Land Trust Agreement?
Re: Insurance Company wants Land Trust Documents - Posted by Ed
Posted by Ed on May 14, 2010 at 06:07:22:
I am not an attorney, but for a living trust there is a 1-page ‘trust certification’ that serves that purpose. Notifies the insurance co. that the trust exists, without providing other details of it. And most or all the time, companies will not know that, and will just ‘assume’ they need the entire trust document, when in fact they really don’t.
If you are a RE investor I suggest is worth asking an attorney that question. You may pay a fee for a consult, but if you’re in this business you’ll get that question more than once.
Re: Insurance Company wants Land Trust Documents - Posted by Scott
Posted by Scott on May 13, 2010 at 18:12:16:
Not to get off the subject to your question, but from what I have learned… you NEVER want to be Trustee and Beneficiary at the same time if the trust is used as asset protection(trustee should be one you can trust, and preferrably out-of-state… which makes it more difficult for hungry lawyers). I’m just going by what I have learned from Bill Bronchick.
Again, sorry for getting off subject of your true question. Best of luck