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.
Florida land trust vs revocable trust.
A land trust is also a living trust but it can only own real estate or assets related to real estate.
The trustee is largely bound to do what the beneficiary who is the actual owner of the land tells it to do.
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 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.
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.
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.
Summarizing the pros and cons it is often very advantageous to title a florida homestead in a revocable trust due to the major benefit of avoiding the florida probate administration process in favor of a much simpler florida trust administration in addition the flexibility of a revocable trust allows distribution planning options in the event of a special needs beneficiary in florida or if.
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.
Llcs is that a florida homestead property may be held in a land.
Most land trusts use a third party such as a bank as a trustee.
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.
However unlike a living trust which holds any type of asset a land trust can only hold real estate or related assets.
This means a land trust can hold physical properties notes mortgages air rights and other real estate related assets.
They are incredibly similar documents.
Understanding the land trust.
Land trusts and living trusts often run along the same incline and may even be substituted for each other in specific circumstances.
Another possible advantage to florida land trusts vs.
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 essence what might be binding in one state would have no effect in another state.
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.
