Posted by R. Yates on May 14, 2010 at 20:57:00:
but unfortunately… apparently ineffective for chronic symptoms of Slingin’ Sammy’s Sustained Hoof 'n Mouth malady.
Insurance Company wants Land Trust Documents - Posted by John
Posted by John on May 11, 2010 at 12:21:02:
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 James - Michigan Investor
Posted by James - Michigan Investor on May 12, 2010 at 08:22:58:
John,
Simple solution.
Have your trustee give them an Affidavit of LT. Should have one from creation. As an adendumn, have the Trustee spell out owners and Benes.
If they don’t like that, make a new LT, give it to them.
That is, if you really don’t want them to see the documents. Don’t know the big deal about it though.
Make sure you take the originals in to your agent directly. No copies. Nothing. Have HIM/HER sign an affidavit stating you and the Bene are the same.
James
Re: Insurance Company wants Land Trust Documents - Posted by Ben T
Posted by Ben T on May 11, 2010 at 20:46:27:
Is there any particular reason why you couldn’t show them the trust document?
Ben
Re: Insurance Company wants Land Trust Documents - Posted by Paladin
Posted by Paladin on May 11, 2010 at 12:49:52:
You blew it. NEVER make yourself both Trustee and Beneficiary. Next
time insure your property, then place it in trust. Here are just a few
reasons why:
Risky and quite probable failure to honor privacy and anonymity,
especially under threat of legal action.
An individual trustee?s failure to charge a fee would not support the
land trust?s validity in court. The attempt to charge a fee would not be
seen as adequate unless the party were a bonded entity.
If a trustee is also a beneficiary, a merger of title is created (see
Doctrine of Merger), invalidating the trust if challenged in court as
being a bona fide land trust.
An individual would most likely never be bondable as a trustee and
would likely not have the resources to provide a completely separate,
free and bonded collection and bill-paying service.
An individual would not be seen by the courts as a standard trustee,
charging fees ?commensurate with industry standards?: therefore
severely impairing the integrity and structure of the land trust.
One?s own personal appointment would not be seen by a 2nd or 3rd
co-beneficiary as a mutually trustworthy holding entity. Such likely
bias obviously would not be in the best interests of any of the co-
beneficiaries.
I have used land trusts for over a decade and have NEVER shown a
bank or insurance company a copy of the trust – it isn’t necessary.
However, I did it correctly. You should dissolve the trust, then appoint
a corporate trustee such as Equity Holding Corporation and they’ll
guide you.
Re: Insurance Company wants Land Trust Documents - Posted by Jack-E
Posted by Jack-E on May 11, 2010 at 16:15:18:
It seems funny that I have blown it now, after having Land Trusts for forty years or so. None of what you are saying seems to ghib with Mark Warda, noted Florida Land Trust Advisor. Is there any one who has a different opinion?
stick with Mark Warda - Posted by steve
Posted by steve on May 12, 2010 at 22:18:37:
don’t listen to a word Paladin or Sedona Sam or whoever the hell he is today.
He has no legal education, but said he worked for a judge or the court or something.
Stick with the advice of Real experts, such as those who went to law school, passed the state bar and have done it in the professional working life.
Paladin used to post as Sedona Sam n/t - Posted by michaela-CA
Posted by michaela-CA on May 12, 2010 at 02:14:58:
…
Re: Insurance Company wants Land Trust Documents - Posted by Paladin
Posted by Paladin on May 11, 2010 at 16:55:02:
Jack,
Why is it so hard to admit you made a mistake? What about what I posted
regarding being your own trustee is incorrect. These are all a result of
legal opinions over many years.
Re: Insurance Company wants Land Trust Documents - Posted by Paladin
Posted by Paladin on May 11, 2010 at 16:30:46:
I have a lot of respect for Mark Warda. However, that doesn’t change
what I told you about being your own Trustee. A DEFINITE NO-NO.
Re: stick with Mark Warda - Posted by Paladin
Posted by Paladin on May 13, 2010 at 08:52:08:
Right. Don’t listen to the advice oF those who have used land trusts for
decades, who are certified land trust specialists, etc. Listen to lawyers,
99% of whom don’t know a land trust from a sack of ****. Most atttorneys
have no clue about a land trust. Listen to the advice of Steve – he’s
brilliant.
Re: Paladin used to post as Sedona Sam n/t - Posted by steve
Posted by steve on May 12, 2010 at 22:29:00:
Google maximumsuccess.com
Sedona Sam’s email address = SCAM
Re: HAVE TRUST… WILL TRAVEL! - Posted by The Bounty Hunter
Posted by The Bounty Hunter on May 12, 2010 at 13:37:39:
yeppers…
A knight without armor
In a savage land
With a rusty sidekick
named Sedona Sam
where did you go to law school - Posted by steve
Posted by steve on May 12, 2010 at 22:14:40:
and in what states are you admitted to the bar??
Like Dr. Seuss, Sam I am.
Re: Insurance Company wants Land Trust Documents - Posted by Jack-E
Posted by Jack-E on May 11, 2010 at 16:50:04:
A Definite No-
Re: Insurance Company wants Land Trust Documents - Posted by Jack-E
Posted by Jack-E on May 11, 2010 at 16:47:45:
A Definite No-No? If you do not have any one you can trust, may be not?
Re: stick with Mark Warda - Posted by Rick Harmon
Posted by Rick Harmon on May 13, 2010 at 11:37:20:
Why do you care so much about what action someone else may or may not take?
We all have opinions, but it isn’t worth getting worked up over it, either.
I’m no trust expert, however I’ve been around them for about 30 years and for the last twenty + probate and trust work is about all I want to deal with. There are about 8,000 attorneys in CA who focus on probate and trust matters. Some are asset-protection experts, but most are not as well versed in this area of THT’s. However, it’s afforded me a good referral base for my business and I enjoy working with them (and hope it’s mutual).
I have Warda’s book, and generally like it. I work exclusively in CA within the probate & trust legal community so I don’t see much from out-out-State applications.
In the final analysis, I think everyone ought to do their own homework and research the entities, structures, and clauses independently, conferring with qualified legal counsel to fine tune what best suites each user’s needs.
Using documents out of the box can be a recipe for disaster unless the user is very familiar with the terms and legal implications. I’m not an attorney. merely an investor who’s been in the trenches long enough to get trenchfoot.
I’m for the banquet approach: take away the best and leave the rest.
certified land trust specialists - Posted by Dog
Posted by Dog on May 13, 2010 at 09:46:51:
Final exam for certification: (certified land trust specialists)
Those who do know a land trust from a sack of ****.
Then you pass the course. BTW, who sanctions this certification?
Re: where did you go to law school - Posted by Paladin
Posted by Paladin on May 13, 2010 at 08:53:29:
Steve, the little gossip queen KNOWS NOTHING about trusts and is simply
a frustrated Enquirer devotee.
Re: Insurance Company wants Land Trust Documents - Posted by Paladin
Posted by Paladin on May 11, 2010 at 22:22:12:
That’s exactly why I use a bonded and licensed company. Your trustee
holds title according to the terms of an unrecorded trust agreement.
The agreement sets forth the rights and obligations of the parties. All
of the rights of ownership are retained by the beneficiary(ies) The
trustee does not manage the property or become responsible for its
operation. The trustee only deals with the title upon the written
direction of the beneficiary(ies). Beneficiaries control and direct the
trustee in all matters relative to title and disposition of the trust
property. The trust can only be revoked by the parties beneficially
interested in the trust.
The sole function of the corporation is to act as trustee on behalf of its
Members. As a corporate professional entity with unlimited life, its
assets cannot end up in probate or become subject to unnecessary
income tax or delay in disposition. An individual can’t provide such
protection.