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lein


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A trust is a legal entity.

Like a corporation is an entity.

Like a person is an entity.

It is something that is set up by a lawyer.

One of the reasons it is done is as a protection of assets. If the trust owns the property then a judgment against you can not be attached to the property, because you don't own the property.

Charles

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A trust is a legal entity.

Like a corporation is an entity.

Like a person is an entity.

It is something that is set up by a lawyer.

One of the reasons it is done is as a protection of assets. If the trust owns the property then a judgment against you can not be attached to the property

xheadscratchx
because you don't own the property

does that mean a lawyer would own my land? :shock:

Sorry about all the questions I'm just not very knowledgable with legal terms and practices

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  • 3 weeks later...

Can you advise me on how to put a trust in place? I have searched "trust" but still not finding alot of info about putting property in trust. Also once it is in a trust does that mean you can not borrow equity on in for improvemnets ans so forth?

That would be fine just would like to know for future purposes.

Thanks for any info

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  • 3 weeks later...

If I understand correctly:

2 people own a home.

One did not pay someone and they put a lien against the house. ie, got a judgment against one of the owners and that judgment is reflected on title.

Then:

For the house to be sold, the lien has to be taken care of. This is possible because judgments can be put against real assets/property. This insures that they are paid at some point.

Charles

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