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Updated almost 6 years ago, 01/31/2019
Who to name as a trustee in a Grantor/Land Trust?
I am looking at moving properties from my name into a trust which, due to the The Garn-St Germain Act of 1982, cannot trigger a mortgage's due-on-sale clause (like putting a property into an LLC). But I'm not sure who best to name as beneficiary.
My first thought is my wife, though doing that would clearly tie her/us to the properties. Would that create some of the same liability we're looking to avoid? We could also use the attorney as the trustee, but that is sure to generate legal fees.
Anyone on BP have an opinion or rule of thumb on this?