One of the unique benefits of a land trust is that it converts real estate into personal property interests. Land trust interests — beneficial shares — become personal property. Aah-Haa! When they become personal property interests, what can we do now? We can have them held by another type of trust called a Personal Property Trust. In other words, the beneficial interest of the land trust can be held in a Personal Property Trust.
By the way, you can also use these personal property trusts for vehicles, for stocks, bonds, mutual funds, bank accounts, CDs, Sea-Doos, mobile homes, motor homes, gun collections, coin collections. Everything else in your life goes into personal property trusts. Each asset should have its own trust to further protect it.
To make this easy, I give you these trusts on a computer disk in Street Smart® System Volume 4 “Land Trusts” and Volume 5 “Personal Property Trusts.” That way, every time you acquire another asset, you push print and you’ve got another trust to place it into. Press print, you’ve got another trust… press print, you’ve got another trust… press print, you’ve got another trust! No attorneys to pay!
You don’t have to pay an attorney to create each one of these trusts because it’s already created — with tried and true documents! Just press print, and you’ve got another trust. Doesn’t that make sense? This alone will save you a fortune.
Now, when they come a-knockin’, you don’t own anything. Meanwhile, you have the use of a lot of things. In fact, you may even lease the vehicle that you’re driving. Who do you lease it from? The trust that owns it. Or you could be an authorized driver for the Trust.
How about if you lease the computer you use from the trust that owns it? And if anyone wants to collect a judgment against you, guess what? What do you own? Nothing. The computer you use is owned by a Trust.
How do you like this plan so far? Each property goes into a separate Trust. Vehicles go into separate Trusts. Bank accounts in a separate Trust. Stocks in a separate Trust.
Thieves can’t see what you own. Sounds pretty good, doesn’t it?
So we can take the land trust and create a second trust, a personal property trust with a different trustee than the land trust. Then if somebody sues, you get to hang out behind the scenes and just watch what’s going on. At this point, you are two steps removed from the property.
Protection Alert: The beneficiary of a trust can be another trust.
They can sue. They can do anything they want to. Then you can decide what to do. Do you like this plan? Next question. Who’s the beneficiary of the personal property trust? Could it be an LLC? What else? Could it be yourself, or your kids? Who else? Or what else? Yet another trust? No problem. Press print, you’ve got another trust… press print, you’ve got another trust.