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Updated almost 7 years ago,
Partnership property in Trust
Here is the scenario:
My partner (not spouse) and I own an investment property,equal partnership. So when we bough the property, my partner name and my name is on the county deed. I recently established a family trust and I included the investment property also in the trust.
Now we are in the process of putting the property on the sale. When my realtor looked at the public record, he says the county deed only has the trust name but not my partner name.
When I spoke to my attorney, who prepared the trust, he says only my stake of the investment property goes to my trust and my partner will continue to hold his stake. Attorney says - the title will have both the names.. though we have not seen the title..
But my partner is very concerned. So to comfort him, we are planning to go to county office and add him in the deed. I am not sure this is the right thing or not?
Did any one encounter any such a scenario? or any thoughts ?