Q: To put properties in an LLC from a trust, should the deed name change?
My siblings and I are the beneficiaries of property through a trust. I am the successor trustee. We want to leave the deeds in the name of the trust and rent out the properties.
A: You will need a CA attorney to draft the deeds. You as Trustee will be the named, legal grantor, not the Trust itself. Be careful forming the LLC. Pick a good State, not CA, and make a good operating agreement orienting to managing the rentals. Remember there will be taxes, insurance, maintenance and income distribution.
A:
The question is not clear, but it seems that you want to keep the trust, but you want to transfer the whole trust to an LLC. If this is not against the words of trust, you can do that.
Also, the deed needs to mention the name of the grantor and grantee with the proper language of transferring.
This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.
A:
To transfer properties from a trust to an LLC, the deed names would need to change. As the successor trustee, you have the authority to handle this process. The trust would transfer the properties to the LLC, and the deeds must reflect the new ownership under the LLC’s name.
Leaving the deeds in the name of the trust while renting out the properties is possible. However, transferring the properties to an LLC can provide liability protection and other benefits. It's important to weigh the advantages and potential drawbacks of both options.
Consult with an attorney to ensure compliance with all legal requirements and to make the best decision for your situation. They can assist with the proper paperwork and ensure the transfer aligns with your goals and the trust’s terms. This step ensures your actions are legally sound and protect the interests of all beneficiaries.
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