I am interested in using Land Trusts to hold title to rental properties. I am planning to purchase a duplex in the next few weeks abd would prefer to take title directly into the Trust’s name.
But I don’t know anyone that I can ask to be my trustee. The people that I would TRUST ENOUGH to have do it, don’t understand the concept of a Land Trust.
I know that I can’t be Grantor, Trustee and Beneficiary without creating a merger issue. So how can I go about finding someone to act as my Trustee? One potential idea would be for me to find someone who will act as the initial trustee and then instead of resigning, ad me as Co-Trustee. I think that if there is back-trustee (who has actual responsibilities), then id be protected against Merger Doctrine.
My properties will all be in MISSOURI (at least for the foreseeable future) in case that matters.
My home study course has an entire chapter on Who Should Be and Who Can Be your trustee. Please read this as it will answer all of your questions in this post. Please don’t make yourself a trustee OR co-trustee.