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Im a board memeber of a small building in nyc (60) units. We recently had a request to allow a name change/transfer of shares from the owner of a unit to a trust for this persons family?
We are reviewing and dont have the specifics yet of the trust, but realize by the amount of information we have requested this may not be an ideal format. Does anyone have exeperince with this type of request or an opinion?
I appreciate any feedback provided. Thanks
Trust are not allowed in our coop on the advice of our Lawyer. It harder to deal with trust or Corporations in the event of legal problems.
Most attorneys do not recommend the Coop to permit such transfers. When I asked someone why I was told that when an apt is held in a Trust it's more difficult, legally wise, to deal with the Trust as opposed to an indvidual(s) when confronted with any issues.
Also since the terms of the Trust can be modified at anytime, what you see in the inception of the Trust can be very different to what you find if any legal issues arise.
Checking with your attorney is a must on this issue.
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We have allowed trusts. Typically as I recall they are for inheritance purposes and perhaps even generation skipping.
At the movement, I don't recall the details as I have only seen two applications in five years in a 490 unit co-op, with twenty-five units truning over each year.
One could already be a current owner and then elect to the shares in a "trust".
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