Institutional Trustee?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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boglerocks
Posts: 566
Joined: Sun Apr 03, 2011 9:08 pm

Institutional Trustee?

Post by boglerocks » Tue Feb 13, 2018 5:28 pm

I'm setting up a trust to hold property I will own which I don't want my name tied to publicly. Would an institutional trustee be a sound choice for this trust?

Can anyone recommend a company to provide this type of service?

Gill
Posts: 4206
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Institutional Trustee?

Post by Gill » Tue Feb 13, 2018 5:46 pm

Talk to Chicago Title Land Trust Company. They specialize in this type of trust.
Gill

Lastrun
Posts: 99
Joined: Wed May 03, 2017 6:46 pm

Re: Institutional Trustee?

Post by Lastrun » Tue Feb 13, 2018 6:03 pm

In my experience, traditional banks really don't want to hold real estate any more, even with substantial other non-real estate assets, at least that is my experience in the DC area.

Do you have a mortgage on the property? That may present a wrinkle with the lender.

boglerocks
Posts: 566
Joined: Sun Apr 03, 2011 9:08 pm

Re: Institutional Trustee?

Post by boglerocks » Tue Feb 13, 2018 6:12 pm

I've discovered the same thing regarding banks.

Will check on Chicago Title Land Trust Company.

boglerocks
Posts: 566
Joined: Sun Apr 03, 2011 9:08 pm

Re: Institutional Trustee?

Post by boglerocks » Wed Feb 14, 2018 4:43 pm

It turns out Chicago Title Land Trust Company only deals with Illinois property. Any other recommendations for this? I'm in California.

lhl12
Posts: 604
Joined: Mon May 27, 2013 8:24 am

Re: Institutional Trustee?

Post by lhl12 » Wed Feb 14, 2018 4:48 pm

It would be fairly typical in these situations to have your attorney draft the trust and for them to serve as trustee. This is a fairly standard thing in the real estate world. These are sometimes referred to as "nominee trusts".

boglerocks
Posts: 566
Joined: Sun Apr 03, 2011 9:08 pm

Re: Institutional Trustee?

Post by boglerocks » Wed Feb 14, 2018 4:59 pm

I'd be up for that. I should have the same estate planning lawyer that drafted the trust serve as the trustee?

Gill
Posts: 4206
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Institutional Trustee?

Post by Gill » Wed Feb 14, 2018 7:14 pm

boglerocks wrote:
Wed Feb 14, 2018 4:59 pm
I'd be up for that. I should have the same estate planning lawyer that drafted the trust serve as the trustee?
Not as good as a corporate trustee. Ask a California trust company. If they don’t handle land trusts they should know another institution that does. We often referred land trusts to another bank here in Florida.
Gill

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