Karl,
Just relating my experiences MN. Even though the trustee holds legal title to the corpus of the trust, they act only according to the instructions of the beneficiary(s).
When I buy a home, I buy it in my Corp name (as far as the contract of sale and the bill of sale are concerned). I do not sign the title I keep it open. I create the trust (this could be done first actually probably should) head down to the license bureau and request a new title in the name of the trust. I tried originally to keep it just in the name of the trust but they wouldn’t buy it so they add the beneficiary’s name which pi$$es me off because the whole idea was to keep my name (and my Corp name) OUT of the public record.
I had corresponded with Mr. Bronchick about this and his answer was to make the beneficary another trust (beneficiaryship of a trust is “personalty” and may be held in trust…pretty wild) but I haven’t tried that one yet. Don’t want anyone at the LB to pop an anyerism or anything.
All the best, Lyal
we are in the process of setting up various trusts - i am putting my wofe’s cadillac in personalty trust - i think we will have to retitle in trust’s name and transfer plates - is this correct - does the trustees name have to appear anywhere?
This varies by state so the best advice would be to put in a call to your state titling agency (call the central office not the local one) and ask them to explain.
I’ll just comment on my experience in MN with Personal Property Trusts (from Bill’s course).
I do “Lonnie Deals” but I hold the titles until the home is paid off. When I create a Personal Property Trust, and go down to DMV to request a new title, the name of the trust and the beneficiary(s) appears on the title.
So, direct answer to your question, (relative to my state) the name of the trust and beneficiary but not the trustee would appear on the title.
All the best, Lyal
Posted by Karl (Oh) on October 12, 2001 at 11:23:27:
I?m going through Bronchick?s Land Trust info right now. The personal property trust agreement specifically requires Trustee to ?hold title? to the property. Bill explains in Chapter 3 (with helpful pictures and arrows, thank goodness) that the trustee holds ?legal title? (trustee?s name on the title) to the property. So if a trust buys a mobile home, would you put the name of the trust, followed by trustee?s name? For example, ?123 Main St Trust, Bob Smith, Trustee?. Or just simply ?Bob Smith? as owner?