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Hi IN#39’m attorney Bill Brown chicken in this video IN#39’d like to explore through the basics of the Lamb Trust we#39’ll start with what is a land trust and what do reuse it for and what we not use it for Åland Trust is a basic simple revocable living trust that is used specifically to hold title to one piece of real estate that is one trust per property ITIS simple revocable similar to an estate planning living trust but specifically used and tailored forth use of holding title to real estate now why would we use such a thing well the first thing is privacy if you don'twant your tenants to know who you Armand who the real landlord is if you haven't LLC for example they can go in the Secretary of State and look up information that's tied to you whereas Åland trust there's no place to look ITU another reason you might want to use it as protect yourself from any claims against the property for property taxes for HOA liens and for other claims against the property itself now in terms of liability it won#39’t protect you from liability as the owner of the trust Andrew#39’ll get to whom the owner of the trusts in just a moment but it#39’ll protect you from contractual things like unpaid water sewer HOA and things of that nature also it will protect you from contractual claims such as the signing of a warranty deed that ends up having claim against it such as an undisclosed leaner or some claim that you didn't#39;know about that later comes back to bite you a land trust will protect you inmost cases from those types of things bothered#39’s lots of benefits to using a land trust for holding title to real estate now let's step back and look at what trust is a trust is a contract it's Nolan entity like a corporation or an LLC so it#39’s not filed with the state as living breathing entity on to itself ITIS a contract between the parties and the parties to the contract are the trustee who's in charge of the trust Legrand Tour who's the creator of the trust and the beneficiary who is the beneficial owner of the truck now when we create a land trust usually the granter and beneficiary are the same party hence what we call a self-createdor self settled trust so their#39’s really only two parties the granter beneficiary and the trustee who should be a party who has a different last name than you because we're going to use the trustees name on title to the property not thebeneficiary'’s name so the trusteshould no tot be someone who is obviously you know when he relatives somewhere the same last name ideally it would be someone who lives out of state out of the jurisdiction where the property is and ideally at a p.o box now compare that to selects a corporation or an LLC which has to have a registered agent in testate where the property sits and physical address you could serve them with a lawsuit where is a trustee as an individual could be a Tapir box and cane out of state even out of the country, and you can get documents signed by them by Federal...
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