I am going to buy land. i want the title to go from me to a trust.
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I am going to buy land. i want the title to go from me to a trust.
I want the land to go into a trust son/daughter trust but not right away. I want a
percent of the value of the land to go each year over maybe 10 years to the
children. Can I set this up myself or should I hire a real estate lawyer?
Asked on June 7, 2019 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Legally, you *could* set his up yourself, but don't: hire an attorney. Not only could a trust be invalid if not written and executed/signed/witnessed correctly (and the lawyer will not only draft the trust, but make sure the signing, etc. is done right) but there will be many issues about how this works and how to properly set it up (and any consequences, like tax consequences) that you will not even think of, let alone know the answer to, but which an attorney will understand. If it's worth doing, it's worth doing right--hire a lawyer. If you did not understand wiring, you would not try to re-wire your house's electrical panel yourself--you'd hire an electrician. Similarly, to set up a trust, hire a lawyer.
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