I was considering transferring my personal residence into a land trust. From what I read, I cannot be the trustee myself and need to use a third party. That makes me somewhat uncomfortable. Can my LLC be the trustee for my personal home? Any suggestions on the best way to do this?
Thanks.
unrelated 3rd party trustee is best. some people say to use an atty so “client confidentiality” can be claimed when attempting to discover the beneficiary. You should have an LLC as beneficiary.
Using one’s own attorney would perhaps not pose a problem as long as no other unrelated beneficiaries were involved who would have separate and independent interests and financial objectives within the arrangement.
An attorney or law firm would most likely not be bonded as a trustee for land trusts; though his/her malpractice insurance may suffice as protection against malfeasance and/or errors and omissions.
An attorney or law firm would likely not be recognized as a bona fide trust holding institution by any court that would be challenging the integrity and purpose of a a co-beneficiary land trust title transfer.
One’s own attorney would not create a mutually trusted, unbiased third-party “escrow” entity. A biased attorney (acting in primary favor of a client) could wreak havoc in a contest involving dissention between/among beneficiaries.
In my opinion, you are still better off to stick with a professional non-profit corp as your Trustee, even though this is only your personal residence. Mine charges $12 per mo. and it’s well worth it.
Da Wiz