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baldeagle

Living Trust

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Back for more, Baldeagle? Here goes.

 

All property has two aspects of title. Legal and equitable. Has to do with English common law when there were regular (legal) courts and the King's (equitable) courts. ;)

 

A trust is created when legal and equitable title is split. :o The Grantor gives the Trustee legal title and the Beneficiary receives equitable title. If the Grantor makes the trust irrevocable when it is created, then he/she cannot undo (revoke) the trust. (The Grantor essentially gives the property to others, and it's gone bye-bye, unless the trust document makes it revocable. Then it would be like a conditional giving. :wub: )

 

There you have it! Straight from a former Professor of Wills and Trusts (oh boy). B)

 

Mike P. :)

The Legal Eagle

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Investors use land tusts, also a type of living trust, to take a property sub 2. The owner is deeding the property over to the trust.

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Investors use land tusts, also a type of living trust, to take a property sub 2.  The owner is deeding the property over to the trust.

Pilot,

 

Actually, the grantor deeds the property to the trustee who holds title on behalf of the trust.

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