We are purchasing beneficial interest in a land trust. Can we set up a land trust
as the purchaser? If so, what is involved with setting up a land trust?
As the purchaser you can’t initiate the trust because you have to control the deed to the property in order to place it into the trust. At this point the seller has control of the deed of the property.
I think he’s talking about obtaining partial ownership in a trust. If that’s the case the current trustee simply adds him as co-beneficiary in the trust …if I’m not mistaken. I could be.
Otherwise, it’s like he wants to wrap the original trust into a new one…