A Land Trust is a simple, inexpensive method of estate planning for one's real estate. When established, real estate is transferred into the trust, which then owns the property, but all of the rights and responsibilities of ownership continue to be held by the beneficial owner.
Holding title to real estate in a trust affords the owner a measure of privacy from people who may search county land records for who holds the title. Also, in cases where there is more than one owner, a judgment against one of the beneficiaries does not constitute a lien upon the trust property; nor do the ordinary legal proceedings against any of the beneficiaries affect the title to the property.
A Land Trust also avoids the probate process and the delay and expense thereof. Since a person's home is often one of their largest assets, removing it from probate may reduce an estate below the minimum required for probate. Because it is relatively inexpensive to establish and maintain, and allows the owner to keep control, a Land Trust is a very common tool for estate planning.
To learn more, call Standard Bank toll-free at 866-499-BANK (2265) or use the Contact Us form.