Trustee Trusts And Llcs

Summary

The conversation discusses the possibility of a trust acting as a trustee for another trust in Delaware, with the terms of the trust document allowing for this. It also covers the roles of humans in trust arrangements, such as settlor, trustor, grantor, trustee, trust protector, or trust advisor. The conversation further explores the specifics of Delaware LLCs, including the possibility of a trust being a member of an LLC and the requirement of a registered agent with a physical Delaware address. The discussion then shifts to property ownership under deceased estates in Texas, including the role of executors and administrators, the use of testamentary trusts, and the implications of Special Warranty Deeds.

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dealaware
In Delaware, it is generally acceptable for a trust (2nd trust) to act as the trustee of another trust. However, the specific terms of the trust document must allow for this. Always consult a local attorney for precise advice.
Can a 2nd trust be the trustee of a delaware revokable trust? If so, is a human named in the arragement?
In Delaware:
- A second trust can be a trustee of a revocable trust.
- The trust document must allow for this.
- A human isn't necessarily named in the arrangement.
However, consult an attorney for precise advice.
What is the human in the arragement called? At some point a human needs to sign?
In Delaware, a human involved in a trust arrangement is typically referred to as a 'settlor', 'trustor', 'grantor' or 'trustee'. A human's signature might be required depending on the trust's terms. Please consult a local attorney for precise advice.
Is the human called a repesentitive for the trustee, if a trust is the trustee?
In Delaware, if a trust is the trustee, the human involved might be referred to as a 'trust protector' or 'trust advisor', who assists or oversees the trust's administration. Please consult a local attorney for precise advice.
FORM DELAWARE LLC ONE WITH A SOLE MEMBER/DELAWARE TRUST ONE. LLC ONE’S REPRESENTATIVE IS A HUMAN. TRUST ONE’S TRUSTEE IS TRUST TWO. NO HUMAN IS NAMED IN THE TRUST FORMATION.
In Delaware:
- A Delaware LLC can have a sole member.
- A Trust can be the trustee of another Trust.
- A human representative can sign for the LLC.
- If the Trust's trustee is another Trust, a human isn't needed in the formation.
Please consult a local attorney for precise advice.
IS THIS TRUE/?? Firstly, it is important to note that a trust cannot be a member of an LLC. Therefore, the trustee of the trust would need to be named as the representative of the LLC, rather than the trust itself. This means that the trustee would have the authority to act on behalf of the LLC and would be responsible for its management and operations.
In Delaware:
- A trust can't be a member of an LLC.
- The trustee of the trust can act as the LLC's representative.
- This trustee would manage and operate the LLC.
Always consult a local attorney for precise advice.
YOU SAID IT COULD/ ......A Delaware LLC can have a sole member. - A Trust can be the trustee of another Trust. - A human representative can sign for the LLC. - If the Trust's trustee is another Trust, a human isn't needed in the formation. Please consult a local attorney for precise advice.
Yes, the information provided is generally correct for Delaware. However, the specific terms of your LLC or trust could require different arrangements. Always consult with a local attorney for personalized advice.
WHICH IS CORRECT?'
Both pieces of information are generally correct, but apply to different situations:
- A Trust can be a trustee of another Trust.
- A Trust can't be a member of an LLC, but the trustee can act as the LLC's representative.
For specific advice, please consult a local attorney.
In a delaware llc whos name is listed on the public record? Does the representive need to be listed?
In a Delaware LLC:
- Only the name and address of the registered agent and the name of the LLC are listed on public record.
- The representative's details aren't required to be listed.
Please consult a local attorney for personalized advice.
I read I don't need a registered agent online delawre street address.
For a Delaware LLC, you generally need a registered agent with a physical Delaware address. If you've read otherwise, could you please provide the source of this information?
can i be my own llc registered agent in delaware if i have a physical address?
Yes, in Delaware, you can serve as your own LLC's Registered Agent if you have a physical address in the state. However, remember that as a Registered Agent, you have to be available during regular business hours at your registered address.
When property is titled under a deseased estate c/o a lawyer who it the property titled when sold in texas?
In Texas, a property titled under a deceased estate is usually transferred to the beneficiary or heir as specified in the will or as determined by Texas intestacy laws. The executor or administrator of the estate typically oversees this process. Always consult a local attorney for precise advice.
The property has been titled under a deseased estate c/o a lawyer for 24 years
If the property ownership hasn't been transferred in 24 years, it might still be under the deceased's name. However, specifics can vary greatly. Is there a will or any legal document detailing the inheritance and disposition of the property?
No, its being managed by the lawyer
Has the lawyer provided any information about the status of the property and its legal ownership? Is there a legal agreement between the deceased and the lawyer about the management of the property?
no, just c/o
In Texas, c/o usually refers to "care of", indicating the lawyer is handling affairs for the property. It's essential to consult with a local attorney or the managing lawyer for precise ownership details.
A legal firm is holding it.
If a legal firm is holding the property, have they provided any details about the property's status, its ownership, or their role in managing the property?
no, its titled under their name as an estate they manage
In Texas, if the property is titled under a law firm's name as an estate they manage, it suggests they're acting as the executor or administrator of the estate. However, the actual ownership might differ. You should consult a local attorney for precise information.
What happens it there are no heirs? Do the lawyers keep it?
In Texas, if there are no known heirs, the property generally escheats, or reverts back to the state. The law firm managing the estate does not keep the property. Always consult a local attorney for precise advice.
Why have they had it so long?
The length of time a law firm holds a property can depend on various factors, such as the complexity of the estate, disputes, or probate process. Have they given any reasons for holding the property this long?
no.
In Texas, there could be various reasons for a law firm to hold a property for a long time. The reasons could involve complexities in the estate, litigation or probate process. It would be best to consult a local attorney or ask the law firm directly for specifics.
mesne deed?
A mesne deed is an intermediate deed in the chain of title to real property, linking the first owner to the current one. It's essential in tracing the ownership history. Are you tracing the property's ownership history in Texas?
yes, an executive of an estate, tim robbins and the deceased lynn smith, transfered the property to an estate named after the deceased, lynn smith estate.
In Texas, if Tim Robbins as the executor transferred property to an estate named after the deceased, Lynn Smith, it suggests it's part of Lynn Smith's probate process. The actual ownership would depend on the will or intestacy laws. Does Lynn Smith's will specify any heirs?
no
Without a will, Texas intestacy laws would determine the property's ownership. Have the intestacy laws been applied in this case, to your knowledge?
no heirs and the executor recently sold one of the properties.
In Texas, if there are no heirs and the executor sells a property, the proceeds generally go to the state after debts and expenses are paid. Has the executor provided any details about the sale and where the proceeds are going?
no
In Texas, the executor has a duty to manage and distribute the estate's assets in accordance with the law. You may need to contact a local attorney for advice on how to proceed or get information about the sale proceeds. Did you consider this option?
testementary trust transferred property
In Texas, a testamentary trust can transfer property if included in a will. Was this property transferred to a trust as per the will of the deceased, Lynn Smith?
But it was transferred to a nn family member 24 years after the deceased died.
In Texas, property transfers can occur posthumously as per a will or trust. However, a *-year delay is unusual. Is there any specific reason given for this delay in property transfer to a non-family member?
no. a ten dollar fee was mentioned.
In Texas, a nominal fee like $* might indicate a gift or transfer for consideration under a will or trust. Did the deed mention this fee as a gift or consideration for the property transfer?
no the *,* value
If the deed mentions a value of $*,*, it suggests that this amount might have been the consideration for the transfer. Is there any mention of why this specific amount is listed in the deed?
no, the deed mentions no value the *,* was the zillow market value.
If the deed doesn't mention a value, the listed $*,* Zillow market value may not be the official consideration for the transfer. Did the deed specify any other details regarding the transfer terms or the parties involved?
no
In Texas, an unexplained property transfer can be complex. You might want to consult a local attorney to understand the transfer's legality and the parties' rights involved. Have you considered seeking professional legal advice?
What does special warrenty deed mean?
In the context of Texas law:
- A Special Warranty Deed offers limited protection to the buyer.
- It only warrants against defects that occurred during the grantor's ownership.
- It doesn't warrant against defects existing before that time.
Please consult a local attorney for further advice.
The the special status create prolems for when the buyer wants to sell?
In Texas, a Special Warranty Deed could potentially create issues for a buyer when reselling, as it only covers defects during the grantor's ownership. Was a Special Warranty Deed used in the transfer you're referring to?
Is this regarding buildiings or could raw land have this type of deed?
In Texas, both buildings and raw land can be transferred with a Special Warranty Deed. It's a common method for conveying property. Is your concern related to a building or raw land?
Under what scenarios circumstances would an executor transfer *,* property for $*.* to a non relative or non heir?
In Texas, an executor might transfer property to a non-relative or non-heir for $* under circumstances such as:
- Fulfilled terms of a will or trust
- Liquidation of the estate to pay debts
- Property being a gift
Always consult a local attorney for precise advice.
texas
In Texas, an executor might transfer property valued at $*,* for $* to a non-relative or non-heir in scenarios such as:
- The will instructs this transfer
- The transfer is a gift
- The estate is settling a debt
Always consult an attorney for specifics.
In texas, under what scenarios circumstances would an executor transfer *,* property for $*.* to a non relative or non heir after 24 years ? The will did not direct the transfer as a gift, etc. The estate owes no debt.
In Texas, such a transfer could occur in scenarios such as:
- Trust conditions met after 24 years
- Compliance with a legal agreement
- Resolution of a legal dispute
Always consult a local attorney for precise advice.
If i pay physical cash for a proerty shold I mention that on the deed?
In Texas, the deed typically doesn't detail the mode of payment. It primarily records the property transfer. However, you may need to document your cash payment for tax or legal reasons. Always consult a local attorney for precise advice.