You may have heard of a Land Trust before or have considered setting one up, but don’t know much about them. We’re here to help!
What is a Land Trust?
To put it simply, a Land Trust is an effective way to hold legal title to real estate. This document is drafted specifically to allow buying or selling of Florida real estate in a confidential way. In other words, your ownership interest is kept private, as your name remains off of any public records. Holding property in a Land Trust also limits your liability associated with owning property, while most of your rights as a property owner are retained.
Who can set up a Land Trust?
A Land Trust can be set up by an individual(s), partnership(s), a revocable or irrevocable Trust, or any other type of business entity.
Whomever sets up the Land Trust is referred to as a “Trustor”, “Grantor”, or “Settlor”. Typically, this person serves as one of the beneficiary(ies), as well.
Who owns the Trust?
The Trustee owns the property within the trust. However, the beneficiary or beneficiaries are the sole controllers of the Trust, unless they choose to pass the ownership rights to another.
When should a Land Trust be set up?
Mainly, a Land Trust should be set up when privacy or confidentiality is a concern. The Land Trust would acquire and hold title immediately upon you acquiring it. As such, your name will never appear on any documentation or public records regarding ownership of the property.
If you have questions about setting up a land trust in Florida, attorney Mark F. Moss can help you understand what options you have available. To arrange a confidential consultation over the phone or in person in Jacksonville, please call 904-329-7242 or inquire online today.
*Disclaimer: Reading this blog post does not create an attorney-client relationship and is not legal advice. This is for informational purposes only. It is best to speak with an attorney about your specific situation, questions, assets, concerns, and needs.