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| CRE Online > Real Estate Law > Bill Bronchick > Question and Answer |
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Question from Donald Schnarr:
In notifying our lender of transferring our property into a revocable, living trust, do we give them the name of the trust? E.g. 123 Main St. Land Trust. Also, when we have multiple properties in trusts, must (or is it wise) to use separate checking accounts for each trust? Answer By William Bronchick: I do not generally provide the lender with the name of the trust, unless there is a change of mailing address for the payment booklets. In that case, I will give the name of the trustee. It is not necessary to have separate checking accounts for land trusts, since the beneficiary has the authority to manage the properties directly under a land trust agreement. Or, to keep the beneficiary's identity private, set up a management company to manage all of your properties in trust. The tenants pay the "management company," which uses these funds to pay the mortgages, taxes, insurance, maintenance, etc. A net check goes directly to the beneficiary. Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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