Tuesday, June 24, 2014

How To Keep A Secret

King Fear’s decision to leave all his extensive property to his daughter Delia and Duke Loyal, and virtually nothing to his cruel daughters, Goneril and Regan, must remain secret. After all, he wants to be pampered during his planned rotating month-long visits with all his daughters.

His Will leaves everything to Goneril and Regan. But he has secretly sold most of his various pieces of property and bought new properties. He put all the new properties into secret land trusts held by a bank, who is the owner shown in public records.

His daughters now cannot find out what properties Fear has recently bought, even if they suspect he’s been buying new property. It would be difficult to shake it out of the bank, because the bank would be breaking its land trust contract with Fear if it told anyone.

Fear’s “ownership” of the property is actually called a beneficial interest in the land trust.

The best part of it from Fear’s perspective is that with the land trusts, he can designate a successor beneficiary of his interest in each land trust.

All the properties in land trusts can pass to his designated beneficiaries, Delia and Loyal, without Goneril and Regan even knowing about it, outside his Will and probate court procedures. So Goneril and Regan won’t even know what properties to vandalize to take out their rage until after they find out they’ve been had.

For help with your own estate plan, please call my office at (815) 436-1996 for an appointment.

© 2014 Gruber Law Office, Ltd.

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