Who can be a Trustee of a Trust? Another Trust? DBA?

[TrustUSA]

Iowa/Florida. Can a Trust be a Trustee of another Trust? Could a DBA be a Trustee?? The goal: being your own Trustee while staying somewhat anonymous. Thanks.

 

[LdiJ]

Iowa/Florida. Can a Trust be a Trustee of another Trust? Could a DBA be a Trustee?? The goal: being your own Trustee while staying somewhat anonymous. Thanks.

I think that a trustee has to be an individual, even if they are a hired trustee I think that they have to be an individual, so that would make an entity unlikely to be able to be a trustee.

 

[FlyingRon]

A DBA isn't an entity. It's just a fictitious name for some other entity. It can't "be" anything. He's a phantom, an apparition, second cousin to Harvey the rabbit. In both Iowa and Florida, a trustee must be a person. However, legally persons include "individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations." Iowa is similar: "individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity "

 

[Taxing Matters]

I think that a trustee has to be an individual, even if they are a hired trustee I think that they have to be an individual, so that would make an entity unlikely to be able to be a trustee.

A trustee can be an entity. It does not have to be an individual.

 

[Zigner]

Iowa/Florida. Can a Trust be a Trustee of another Trust? Could a DBA be a Trustee?? The goal: being your own Trustee while staying somewhat anonymous. Thanks.

Why do you feel that a trustee won't be anonymous without all these hoops?

 

[TrustUSA]

Why do you feel that a trustee won't be anonymous without all these hoops?

Just looking for a way to be my own Trustee.. without putting my real name down. Because if I put my name as the trustee..aka contact.... that would defeat the privacy aspect of the Trust. Which is what I am after (my goal).

Normally the Trustee should be someone else..aka different last name...so no worries there... but want to be my own Trustee.

Also not wanting to pay for a LLC, controlled by me, as the trustee.

Was hoping a DBA... which is basically me... if asked who is the Trustee. Or even create a Trust to be the Trustee

 

[Zigner]

Just looking for a way to be my own Trustee.. without putting my real name down. Because if I put my name as the trustee..aka contact.... that would defeat the privacy aspect of the Trust. Which is what I am after (my goal).

Normally the Trustee should be someone else..aka different last name...so no worries there... but want to be my own Trustee.

Also not wanting to pay for a LLC, controlled by me, as the trustee.

Was hoping a DBA... which is basically me... if asked who is the Trustee. Or even create a Trust to be the Trustee

I have to ask again: WHY do you believe that your personal anonymity is compromised by being your own trustee? Trusts are private documents, while business entities are not.

 

[TrustUSA]

I have to ask again: WHY do you believe that your personal anonymity is compromised by being your own trustee? Trusts are private documents, while business entities are not.

If I have property in a Trust, and want to sell it.. The Trustee would have to sign the deed.... thus revealing my real name... instead of a DBA or LLC or a Trust name..

Really appreciate everyone's input on this subject. Thanks again.

 

[Taxing Matters]

The goal: being your own Trustee while staying somewhat anonymous. Thanks.

You need to consult a trust attorney in your state. Depending on the trust arrangement, being the trustee of your own trust, even indirectly, might result in the trust failing. You really should get good legal advice for this to ensure you get the results you want rather than taking advice from strangers off the internet. Trust law can be complex.

 

[TrustUSA]

If I have property in a Trust, and want to sell it.. The Trustee would have to sign the deed.... thus revealing my real name... instead of a DBA or LLC or a Trust name..

Really appreciate everyone's input on this subject. Thanks again.

I guess if you sell a property... it probably doesn't matter if your real name is on it or not???

 

[Taxing Matters]

If I have property in a Trust, and want to sell it.. The Trustee would have to sign the deed.... thus revealing my real name... instead of a DBA or LLC or a Trust name..

You can't avoid that. First, a DBA is not an entity. It is simply an alternate name under which you conduct business. Second, when you sign you always sign your name. If an entity like a LLC is the trustee, you'd sign it with your name and then your position in the LLC. For example, if your name is John Doe you'd sign it as "John Doe, Member of XYZ LLC, trustee of the ABC Trust."

 

[TrustUSA]

Thanks for your time and effort everyone. Really appreciate the clarification.

 

[TrustUSA]

If doing a Land Trust.. the Trustee signs everything. So if you are Trustee, your real name would go on the Deed, Title, Insurance thus negating the purpose of the Trust (for me anonymity) If you could use a DBA, the DBA name would be on public records.

 

[Zigner]

If doing a Land Trust.. the Trustee signs everything. So if you are Trustee, your real name would go on the Deed, Title, Insurance thus negating the purpose of the Trust (for me anonymity) If you could use a DBA, the DBA name would be on public records.

Ownership information for a DBA is public record, thus obtainable.

 

[FlyingRon]

A DBA can't sign without disclosing the actual entity on the documents in almost all situations (no need to go look things up).