Land trusts are legal in seven US states, including Florida, and are a desirable way to hold title to Florida real estate. In fact, the Florida legislature recently amended the Florida Land Trust Act to improve existing law and encourage the use of land trusts.
But what, exactly, is a land trust, and what benefits might one hold in Florida estate planning?
This article explains how land trusts work in Florida, and discusses how they could benefit you.
A land trust is essentially holding real estate by contract. The land trust document (contract) is created by the trustee, who must be a third person or entity, and holds the property for the beneficiary, who is another individual or entity. Because only the name of the land trust appears on the property’s deed, the beneficiary remains anonymous.
A Florida land trust is comprised of the Deed in Trust and the Trust Agreement. The Deed in Trust is the document in which the legal title of the property is transferred to the trust. The Trust Agreement outlines the abilities of the trustee to act.
There are a few important terms to understand in relation to Florida land trusts:
A land trust agreement holds significant benefits over other means to hold legal title to real estate for your estate’s beneficiaries, or as a real estate investor.
Benefits of Florida land trusts include:
A Florida estate planning attorney can help evaluate whether a land trust would be beneficial for your estate, and help establish the land trust such that everything is put into place smoothly.
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