Discussion Forum

dp

HELP PLEASE READ, CAN I BE TRUSTEE AND BENEFICIARY

Thursday, April 10 2008 09:35 PM

can I be a beneficiary and still be Trustee of the Trust?


Here is the scenario. My mom and I have a condo in Miami that is about to go into foreclosure. I'm on title with her but the mortgage is under her name only. I wanted to deed the property into a land trust to prevent any more 3rd party liens(HOA just recorded a lien against the property) and to do a shortsale. I'm aware the I can make no profit on this deal, I'm on title of the property. On the Deed to Trustee the Grantor is my mom and myself and the Grantee is the land trust by "me" as Trustee. My question is on the Land Trust since I'm on Title do I have to name myself beneficiary also and if so can I be a beneficiary and still be Trustee of the Trust?

Second question-My moms primary property is in Connecticut that has some equity in it, if this condo in Miami goes to foreclosure can the lender come after the equity in her primary property that is in Connecticut? If so would creating a seperate Land Trust and deeding that property into it protect her?

Thank you in advance

REPLY