Posted by Jimmy on September 07, 2005 at 07:54:35:
your are throwing several ideas out there all at once. let me address them one at a time.
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First of all, why are you complicating this with the trust? If you are intent on taking title to the property, just execute a deed. You sign on behalf of the principal as AIF and transfer it to yourself. I suspect you may be trying to create some degree of stealth, so that it will not be apparent what you have done. If I am right, DON’T DO IT.
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a trust instrument need not be recorded with any public agency. they are private arrangements. You may need a Tax ID number, depending on the type of trust. Check Illinois law to see what is required to create a valid trust. In most states, it is fairly simple. With that said, I would encourage you to see an attorney who specializes in this stuff.
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The POA most likely empowers you to do with he property anything the ower could do. However, as attorney-in-fact (AIF) under the POA, you have a fiduciary duty the principal, and if you exercise the power in a manner detrimental to the principal, you could find yourself in hot water (both criminal and civil).
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YOU, as an individual, can create a trust. But YOU, as AIF, are not necessarily empowered to do this. Read the POA carefully. Does it expressly authorize the AIF to create trusts? and to transfer properties of the principal into trusts?
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You say you want to acquire the property. How do you plan to do this? Do you intend to create a trust for your own benefit, and then transfer the property into your own trust? You are acting like this is your house. It isn’t.