Florida Land Trust Vs Revocable Trust

The trustee is largely bound to do what the beneficiary who is the actual owner of the land tells it to do.

Florida land trust vs revocable trust.

However unlike a living trust which holds any type of asset a land trust can only hold real estate or related assets. Land trusts and living trusts often run along the same incline and may even be substituted for each other in specific circumstances. This article provides a recommended legal course of action to be followed in administering a probate estate which has an inter vivos revocable trust as a beneficiary. All states have extensive trust laws.

Therefore a key advantage to land trusts is privacy. In almost all cases the folks who establish a land trust are establishing a revocable trust. Understanding the land trust. Such trusts are often referred to as living trusts inter vivos trusts or revocable trusts or in tax terminology grantor trusts when they are formed for living individuals who wish to continue to control the assets in the trust.

The land trust laws and trust laws in general are clear that a revocable trust does not give the grantor the guy that sets up the trust and puts the property into the trust any type of asset protection. In these instances the attorney representing the fiduciary must be aware of the potential conflict of interest issues which arise if the personal representative is also designated to serve as the successor trustee of the. A land trust is also a living trust but it can only own real estate or assets related to real estate. The public records for property that is held by a land trust is afforded greater privacy because only the land trust name needs to appear on the deed.

A land trust is a type of living trust. This means a land trust can hold physical properties notes mortgages air rights and other real estate related assets. Another possible advantage to florida land trusts vs. The florida land trust is a fully revocable grantor trust drafted specifically to buy hold finance and sell florida real estate or other personal property in a confidential or private manner pursuant to the florida land trust act that was adopted by the florida legislature in 2006.

A florida land trust is different because it is drafted by the lawyer to include specific. In essence what might be binding in one state would have no effect in another state. Each state has its own separate laws to govern its land trusts meaning that land trusts differ from state to state. Most land trusts use a third party such as a bank as a trustee.

A florida land trust is a great vehicle you can use to own real estate in florida whether you are a us citizen or foreigner. Living trusts often include land trust protection within them and a secondary document isn t usually required to protect your land as well as your liquid assets and so forth.