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Can three irrevocable or revocable trusts can buy one

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property? If so will there...
Can three irrevocable or revocable trusts can buy one property? If so will there be any risk to other assets of the trust in case if any thing goes wrong with the new property?
Submitted: 1 year ago.Category: Estate Law
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Answered in 7 minutes by:
6/9/2016
Estate Lawyer: LawTalk, Attorney replied 1 year ago
LawTalk
LawTalk, Attorney
Category: Estate Law
Satisfied Customers: 37,855
Experience: I have more than 25 years of experience in the practice of law.
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Hi Vince,

Doug here again.

So long as the trust documents allow the trustee to use assets of the trust to acquire real property---whether the trust be a revocable trust (living trust) or an irrevocable trust, yes, trusts may purchase real estate legally.

Because the trust is the owner of the property though, if there is lawsuit against the owners of the property for some reason---such as a suit by a tenant or someone who is injured on the property and sues for negligence----then yes, the trust assets would be placed at risk if there was insufficient insurance to cover any liability.

Also keep in mind that property/real estate must be maintained and maintenance would need to come from the trust assets which could prove problematic in the event of a significant repair. And with real property, keep in mind that any of the trustees could at any time sue the other trusts for Partition and this would result in legal expenses to the trust.

So, while it is legal---it may not be the best idea in the long run for 3 separate trusts to buy property together.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

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Customer reply replied 1 year ago
In Such case which one is better when we three ppl buy a property as an investment property where already have few investment properties on out names? we bought 4 in the past and thinking of buying few more.
Estate Lawyer: LawTalk, Attorney replied 1 year ago

The three of you should consider forming one LLC and having that LLC buy the property.

Doug

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Estate Lawyer: LawTalk, Attorney replied 1 year ago

Good evening,

Do you have any additional questions that you would like me to address for you?

In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.

As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance,

Doug

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