Posted by CA on January 29, 2007 at 19:39:30:
What does ‘having a clean chain of title’ mean?
Thank you!
What to do about family land - Posted by CA
Posted by CA on January 18, 2007 at 19:20:36:
My family has owned eighty acres for many, many years. Over time, many of the original family members have passed away. The only legal document that we have at the county courthouse shows our deceased grandfather as the trustee. However, the document is not a trust according to an attorney who has looked at it. It just has notarized signatures of those who had wanted or didn’t want not anything to do with the land. At this point, we need to figure out what we need to do. Do we create a new trust to always keep it in the family, or is it better to designate two of the oldest family members as co-owners to a deed? Our desire is to protect the land to always stay in the family without being sold or split up.
Any help would be greatly appreciated!
Re: What to do about family land - Posted by colvegas
Posted by colvegas on January 23, 2007 at 21:08:10:
CA,
I would use a new trust to asset protect the property legally and ethically no legal advice intended.
I would make sure your family or whomever in your family has a clean chain of title since if not you may have a tough time in the title vesting to your designated trustee…
I would name a co-beneficiary or remainder agent in the trust and what we call a simple trust would suit you just fine…
If you go the cowners on the deed route then they will have full control of the property the better way is to setup the trust and assign the beneficial interest in the trust as to whatever you negotiate between your family members…that way any legal disputes can be settled easily and beneficaries can not bind one another and all beneficiaries must vote via a mutual power of direction to the trustee to effect any change to the trust so no one beneficiary can bind another or do anything without the written consent of the other beneficiaries…
If I can help feel free to call me at 702-400-7632…