A landowner may grant beneficiary status to another person, but still maintain the sole right to direct the sale of the property. In other cases, a group of owners may designate one person as the sole decision maker for ease and convenience in making transactions regarding the property. In either case, depending upon the factual situation, a land trust can facilitate the transfer of the property in the trust. Finally, because the land is deeded to a trustee, the beneficiary is not disclosed to the public. This privacy can be of immense value to a landowner.
Any information related to the property is a private matter between the trustee and the beneficiary.
What a land trust does NOT do A land trust does not have the flexibility of a living trust. Living trusts are often much more complex, containing additional terms and provisions and holding title to property other than land. Living trusts are usually much more costly because of their increased scope. In addition, living trusts may contain various provisions dealing with estate tax minimization and other estate, gift, and property tax issues. Provided I provide full service for the drafting of a land trust and trust agreement.