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My partner and I own 1.25 acres of property outside Seattle (Jefferson County) and we want to improve the property by adding electric, septic, water, and a small home. I currently live in FL, my partner is currently living on the property in an RV. I have about $100k to invest in the property and found a reasonably priced manufactured home to put on it. Although I paid for the property (about $30k), my partner's name is on the deed.
What we have discussed is putting the property into a land trust to protect the property from creditors and other issues that may affect the property or my home in FL. My partner agrees with doing the land trust and putting the deed of the property into the trust. I am in my 60s and expect to retire out there if I live long enough. I want to make sure that my partner keeps rights to the property in case I get run over by a bus.
My question is do I need a lawyer for this or is this something I can do myself. I do have a small business registered in FL, do I need a new business entity in WA to serve as the Trustee?
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- 3 years ago
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