Simpler way to handle living trust/will for property than transferring into a Trust

[FlyingRon]

I've never had a lender care about the trust other than occasionally asking for a copy of the trust document. I guess they save it for when they are need of sleep.

 

[TrustUser]

hi ron,
lately in california, the lenders/title companies are becoming fussier. i used to just send them the certification. they didnt even want the full document. and often they would just make you sign their cert. but now they are wanting to see the full trust.
with the properties that i am starting to flip, i am just leaving them in my name. too much hassle to title them in their own trust, just to sell it 3-4 months later

 

[Zigner]

I really don't understand what you think is so difficult about updating deed (not "title").

 

[FlyingRon]

Why put them in "their own trust?" If your trust is properly constructed you can move things in and out of it with hardly any more involvement if it was in your personal name. Like I said, email them the trust doc if they ask. They can burn up their own printer if they want a hard copy. Mostly I suspect they want to know that I'm really the trustee (and hence can legally sign the deed).
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[Taxing Matters]

Why put them in "their own trust?"

The same reason people would put them into separate LLCs: to insulate one trust/LLC from the debts or troubles of another. But whether that kind of caution is really needed depends on the risk assessment of the projects/investments being undertaken.

 

[TrustUser]

tm answered that question exactly, for me. i put all of my long-term properties in their own separate trusts. so that requires creating a new trust document, printing it out, etc. i do realize that having separate trusts while i am alive may or may not be of help to me. but it will certainly help my beneficiaries.

but i might do some re-thinking on putting all of my flippers in just 1 trust. i would only have to create the trust document one time. and the flippers would just go in and out in 3-4 months.

i am not nearly as concerned about lawsuits on these properties, cuz the holding time is small. and i still run that same risk if i keep them in my personal name.

if i die accidentally, that would keep my beneficiaries from having to deal with probate on the properties that i am currently flipping