How To Use a Nominee Trustee

A nominee trustee is one of the most important aspects of land trust because it keeps your ownership of real estate private; however, it is also the least understood and often results in title problems or real estate snafus.

A nominee trustee is someone who is selected to serve as your land trustee for the limited purpose of transferring title out of your name and into the name of your trust. For example, Alan Rench owns real estate located at 53rd Cherry Street. Alan, seeking anonymity for his property, would like title to be transferred out of his name. Alan establishes the 53 Cherry Trust with Clint Coons as trustee. Alan then deeds his property to his trust as follows: Clint Coons, Trustee of the 53 Cherry Trust. Alan is no longer recognized as the owner of the property because title is held in Clint’s name on behalf of the 53 Cherry Trust.

After the property is transferred into the land trust, Clint will resign his position and Alan will become the new, but undisclosed trustee, of the 53 Cherry Trust. When adopting this strategy here are some concerns:

What happens if Clint does not resign

If your land trust nominee trustee does not resign then as the beneficiary, Alan has the power to remove him thus, this is not a real concern.

When Clint does resign how does Alan take control

When Clint resigns, it is important he provides Alan with a Trustee Deed. This type of deed, transfers title from his name to Alan as trustee of the land trust. This deed is not recorded until Alan desires to be named on title, e.g., Alan plans to refinance or sell the property.

What happens if Clint is sued

This can be an issue because Clint’s creditor might lien all properties title under Clint’s name. The property in 53 Cherry Trust would be something an attorney will hit. To minimize this risk always use a professional or trust company to serve as your nominee trustee. These individuals have a license to protect and take steps necessary to reduce this risk.
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ABOUT CLINT COONS

Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.