Sign Illinois Assignment of Partnership Interest Myself

Document type sign assignment of partnership interest colorado fast

hi Clint coos here with Anderson business advisors and in this session we're going to discuss how to assign the beneficial interest of your land trust now I didn't say sign I said a sign that is transferring now you know from some of the other sessions that you've probably watched that assigning the beneficial interest that is getting out of your name is really key to creating an asset protection structure with land trusts because you don't want to be the beneficiary of your land trust because if something happens and the trust is sued you're gonna be held liable now the UH notable exception of that is Florida so when you set up a land trust after you've created the trust and you're the beneficiary you need to assign the interest to an LLC for asset protection purposes and the way we go about doing this is by preparing an assignment form number one you want to prepare an assignment form all right and the this form that you're going to complete give this something that you know if you had us do your land trust for you it's something we're gonna set up we would prepare it for you but what you're basically doing is you're stating this you're saying Clint Koons okay beneficiary the XY x zy trust hereby assigns one hundred percent of his interest to let's call it the Rico Street LLC all right so that's what you'll do you'll create this form and you'll fill it out this way and then you'll sign it like that now when you have assigned the trust over to the LLC there's a few more things that you have to do with the assignment this is not sufficient in and of itself so this is one part of it now the second thing you're gonna need to do after you prepare your assignment form and you've signed it is to your trustee must accept all right so you have to have your trustee accept the assignment because in a land trust the beneficiary can assign their interest but require is the trustee to accept the beneficiary as a new beneficiary of the trust so now you're gonna have a different form where the trustee let's say I was a trustee I would say I Clint Koons hereby accept the assignment of Clint's beneficial or transfer of beneficial interest to the Ricoh Street limited liability company so that's step 2 now there's one other step involved as well step 3 is your LLC must accept the interest now this is where most real estate investors screw it up all right they get a land trust kid on line they got 1 & 2 done they figured that out because they gave them forms to do that but they don't do number 3 now understand that a Land Trust is a contract all right and so as a contract if you're a beneficiary you're accepting the provisions of that agreement that used that you're signing on to now if I make the LLC the beneficiary it also has to agree to be bound by the terms of that contract or the terms of that trust and so in order to do that it must sign an acceptance that Rico Street LLC hereby accepts the terms of the x/z wide land trust and agrees to be bound by the terms as such so that is a key component whenever you assign the interest you need three things you need an assignment form for you assigning your interest to the LLC you need a trustees acceptance form and then you need an acceptance form for the LLC to accept the interest to be bound by the agreement you get those three simple documents prepared notarized them as well so you make sure that you tagged when that assignment took place and the reason I tell people to do this although it's not required is that if there's ever any question as to when the assignment occurred if you have a notary block on there and a date and a stamp on it then you pretty much can say all right you obviously it took place on this day because unless the notary and I are in on it together in collusion to defraud you I assign my interest several years ago and I'm no long our beneficiary in that trust those are some simple steps hope you got something out of it my name is Clint Kunz with Anderson business advisors