How to input a Trust buying a property in Equator?
OK folks,
I have a Special Needs Trust purchasing a short sale. Normally, I would ask for the trustee's information SSN to input into Equator, however in this case Wells Fargo Bank, N.A. is the trustee of the trust and multiple parties have signing power.
On Equator there is an option for U.S. Citizen (requiring first 5 of SSN) or Business Entity (requiring an EIN). Thoughts on how to proceed or if Wells Fargo Bank, N.A. as Trustee of the ABC Special Needs Trust will cause issues?
Replies to This Discussion
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Permalink Reply by Jen Kwong on
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Graham,
I am curious because I am also a trustee for a special needs trust. Is title going into the trust name and are the trustees worried about the ramifications of owning property for the trustee?
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Permalink Reply by Graham Updegrove on
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I believe title for all trusts must read "John Doe, Trustee of the ABC Trust". I don't have all the details on the trust because it is being represented by a different party. From what I understand there was a court order requiring an entity (i.e. Wells Fargo) to act as trustee of the trust.
I'm not an attorney but from the way you posed your question, I would suggest you do some more research on the duties/requirements/liability of a trustee and how trusts work. How did you become the trustee of the special needs trust? The trustee does not own the property for the trustee; the trustee merely administers the trust for a beneficiary. Often times, a trustor, trustee and beneficiary can all be the same person. Note the case here, where the trustee is administering the trust for the benefit of a child with special needs. Hope that helps. -
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