The first document is the trust itself that names the settler, trustee, and the beneficiaries. To set up a land trust you need two documents. Some people create land trusts for each of their real property so that when one property faces a lawsuit the other real properties are not encumbered. That means that if you search public records for the ownership of a property held under a land trust, it will show you that the land trust owns that real property, but you won’t find the name of the settlor. Land trusts are often set up to maintain the privacy of the ownership for real property. They also seek to know the powers that the trustee has as far as the real property is concerned and the limitations that were placed on those powers in the trust document. So, title companies often ask to know the trustee of a trust (can be a person or organization) before they agree to any transactions. But the amount of power the trustee has is determined by the terms of the trust agreement. What this means is that a trustee has the power to sell or lease the property. It is the trustee of the trust that can hold legal title to the property on behalf or for the benefit of the beneficiaries of the trust. Trusts are not legal entities that can own, manage or sell property. Using A Trust To Hold Title To Real Property The person creating the trust or the Settlor can include terms on how the trust should be managed and how the assets should be distributed to the beneficiaries. ![]() You can set up a trust to manage assets for loved ones with special needs, minors, and spendthrifts.Ī trust can help you ensure that your assets will ultimately pass to your children if you had a blended family or protect your assets from creditors, taxation, or potential lawsuits. Anyone that has property or assets can set up a trust. ![]() Trusts are not just something that rich celebrities or bankers do.
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