My Rental Property Is Owned By A Trust - Should I Leave It That Way?

[Jason Rodriguez]

My rental property is listed under a trust that is in my deceased mother's name (she put the property in the trust, and I am the trustee). I don't know whether it's best to leave the property in the trust or to get it under my name or an LLC, etc. I was listening to the BP Podcast 109 with Attorney Scott Smith, and they were discussing this some.

Any recommendation or things I should be aware of?

Thanks!

[Steven J.]

If you're planning to rent it out then leave it in a trust. This will protect you in case someone files a suit against you. For example, if a tenant hurts them self they may come after the owner and everything they have. When your property is in a trust the lawyer is going to have to go through more hassle to locate the owner and, from what I understand, its often times not worth their time. Furthermore, transfer beneficial interest to your company and leave yourself as trustee. Your company gets the anonymity of the benefits of the property.