| T O P I C R E V I E W |
| narrowalk |
Posted - 03 Jun 2007 : 03:53:35
Greetings, been awhile since I posted here. I have a question about trusts. Are they or can they be a good thing?? Say you want to buy some property, is a trust a good way to protect you assests? Or, if several people want to purchase land together to have a trust with a board of trustees to make decisions about the property. Or is there a better way to purchase property and keep your name out of it and protect the asset??
Thank you for any responses and help in this area. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Lewish |
Posted - 08 Oct 2007 : 17:52:52
Marty,
It is different is different STATES. In some it is a separate document, in others it is part of the Deed of Trust. In others it is part of the Mortgage. You will just have to check your documents to see where they did it.
Lewis
A Man on the Land on Washington as a Citizen thereon. |
| Cornerstone Foundation |
Posted - 06 Sep 2007 : 16:30:43
quote:
Originally posted by Lewish
A trust, when properly constructed, is a good way of holding property. But, you also need to know and understand, that at the closing for the purchase and transfer of the property, you are creating yet another trust which "gifts" the property to the State.
Lewis,
Are you referring to what the STATE calls a "realty transfer certificate"?
Please elaborate on what you stated in the quote above.
Best Regards,
Marty |
| narrowalk |
Posted - 05 Sep 2007 : 19:44:18
Thanx Lewish, I have not been checking the forum very often because it seemed all too quiet for awhile. It is good to see you back on here and I will take your advise and read up on trusts. I did not realize a trust would gift property back to the state. Sooooo much to learn. Thanx again. |
| Lewish |
Posted - 03 Sep 2007 : 19:41:16
Hello narrowalk,
You use trusts all the time. You just may not realize it. Any time you enter into a contract agreement, you have created a trust. When you go into a court and say your first word, you have granted a constructive trust.
A trust, when properly constructed, is a good way of holding property. But, you also need to know and understand, that at the closing for the purchase and transfer of the property, you are creating yet another trust which "gifts" the property to the State.
There is much to know about trusts, and I encourage you to study up about them and know as much as you can about them.
Peace be with you,
Lewis
A Man on the Land on Washington as a Citizen thereon. |
| Jay Scott |
Posted - 03 Jun 2007 : 11:51:50
A warm greeting to you, narrowalk.
I've found this yahoo discussion group to be a wealth of information about trusts:
http://finance.groups.yahoo.com/group/TRUSTEES_AGENTS/
I don't have an opinion about the value, application, or use of trusts, but I think the group above is at least one good place to learn about them so one can make better informed decisions.
Be blessed.
Jay Scott.
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