Posted by Ed Copp (OH) on July 26, 2001 at 15:14:17:
As I understand things the purpose of a trust, or at least a part of it’s purpose is to conceal the identity of the beneficiaries. So the trustee would need to do the check writing, as or if instructed by the beneficiary to do so.
I would presume that the beneficiary could write the checks, but it would defeat the purpose of concealing who the beneficiary is.
management co. and trustee - Posted by ken
Posted by ken on July 22, 2001 at 19:31:53:
I want to set up a management company to service subject to properties, and i’m curious how the money flows through. Does my corporation (beneficiary) pay my management company and the the management company pays for all repairs and expenses? I’m guessing the trustee would have to sign an agreement with the management company. Would the trustee need any type of checking account if the management company handled most everything?
Also if i set up a management company ( LLC or C Corp.) would there be any type of licsenses required? Thanks!
Re: management co. and trustee - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on July 22, 2001 at 21:25:39:
Specific to my state, which is Ohio; your management company would require a “real estate brokers” license.
Re: management co. and trustee - Posted by Stew(NE)
Posted by Stew(NE) on July 22, 2001 at 21:07:38:
Please don’t take this the wrong way, but Bronchick’s Land Trust course covers all of this and it gives you all the forms that you need, Why don’t you buy it? I have set up my LLC’s one to manage the other LLC’s that have the beneficial interest from the trust. It can get complicated, at least in my little mind. I really need the course to refer back to it, to set it all up. Each state is different so I will not try to give you a catch all answer. Bronchick is good and an attorney (www.legalwiz.com). He even sent me a Warranty Deed specific for Nebraska.
Good Luck
Re: management co. and trustee - Posted by ken
Posted by ken on July 25, 2001 at 22:30:01:
Ed, would the trustee have to write the checks for the property if there was no mgmt. company or would the corporation (beneficiary) do this?