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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Topic Author
boglerocks
Posts: 576
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: 4895
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
...just “chiming in” as described by Livesoft

Lastrun
Posts: 128
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.

Topic Author
boglerocks
Posts: 576
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.

Topic Author
boglerocks
Posts: 576
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
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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".

Topic Author
boglerocks
Posts: 576
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: 4895
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
...just “chiming in” as described by Livesoft

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