Posted by Rick, the Probate Guy on December 09, 2010 at 22:58:44:
All you need to do is reserve language in your THT giving Bene unilateral powers to fire/hire trustee.
Normally, you’d merely record a new deed from old Ttte to new trustee of the XYZ trust OR affadavit death of ttee OR substituion of trustte OR court order for same
problem putting title in land trust…pls advise - Posted by jen
Posted by jen on December 08, 2010 at 08:59:11:
Can anyone tell me why ohio or ohio title co would not want to do this? Chicago title is the title co. I thought they were the experts on this. They want it titled into joe smith trustee of xyz land trust. I want it into xyz land trust (deeded) then affadavit of trustee attached at same time naming trustee.
Re: problem putting title in land trust - Posted by William Bronchick
Posted by William Bronchick on February 14, 2011 at 21:29:12:
The standard ALTA (American Land Title Association) way
of doing it is, “Trustee name, trustee under a
declaration of trust dated ___”. In my state (CO) we
do it in a trust name, then file an affidavit. In
varies all over the Country, but if you don’t like that
way, try another title company.
The trusts created by the Rockefellers and Vanderbilts
are not held in the trustee’s name, so it is possible
to hold title in the name of a trust.
Re: problem putting title in land trust - Posted by Thomas K. Standen
Posted by Thomas K. Standen on December 09, 2010 at 12:44:00:
If you can locate the book by Kenoe on Land Trusts and/or the Illinois Bar handbook for land trust administration you will find the answer to your question regarding reasons for vesting title to the property in the manner recommended by Chicago Title.
As Trustee for land trusts over the past ten years we have never had the title to a trust vested other then as recommended by Chicago Title.
Thomas K. Standen
Equity Holding Corp
As you said… - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on December 08, 2010 at 16:32:28:
…they are the experts.
Why do you want to vest title in the manner that you sre requesting? Makes no sense to me, but I’ve only been using THT’s since the early 1980’s. Chicago Title has been using them since the 1880’s.
Their suggestion is the standard manner in which title in a THT is typically vested. Deviate from the norm at your own peril but you need to be clear what you wish to accomplish (or avoid) and then we might be able to offer some alternatives.
Re: problem putting title in land trust - Posted by John A. Mauney
Posted by John A. Mauney on February 07, 2011 at 21:25:01:
Their right. Believe me.
here is the goal… - Posted by jen
Posted by jen on December 08, 2010 at 22:46:29:
To put directly into the trust and attach the affadavit would be easier (per my understanding) to later change the trustee should the trustee move or if difficulty getting documents timely.
The other reason was if trustee changed to avoid property tax transfer fees since it would be a different owner as in the trustee.
Last reason is to avoid someone simply jumping online and seeing what is owned by simply looking up trustees name. Not everyone I know can be available as a trustee with flexible schedules.
Please advise if I am missing the mark on this.
Is this avoidable? Should it be jo smith trustee of abc land trust instead?