Difference Between A Land Trust and A Living Trust

What is the difference between a land trust and a living trust?

It's helpful to understand what a living trust and a land trust are. A living trust is more of a legal entity that protects your assets during life and after death. An attorney usually creates it, and you can use it to help with estate planning and avoid probate court. On the other hand, a land trust is used for specific business purposes to protect the value of a property. You can set up a land trust with or without using a lawyer, and it's beneficial for those who want to save money on legal fees.

Key Differences of a Land Trust and a Living Trust

A land trust and a living trust are both different kinds of trusts, but there are several key differences between the two. A living trust is a type of revocable trust. The main difference between a living trust and a land trust is that the beneficiaries can't access the money in a living trust during the grantor's lifetime or have any say in how it's used. The money doesn't belong to them until the owner dies. With a land trust, however, the beneficiaries can access the funds. At the same time, they're alive but can also get an ownership interest in the property if they want to.

A land trust involves the transfer of property to another person or entity to manage on behalf of another person, known as a beneficiary. The beneficiary has no right to sell or transfer their share or any ownership of management over it. Accessing the funds is generally limited to paying taxes or repairs for the property. You can create a land trust in many ways, including setting up one at a bank or credit union.

Trust Attorney Free Consultation in Utah

If you need legal help, call this law firm and talk with our experienced attorneys about land trust and living trust for a FREE consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Hurricane, UT 84737, USA

Popular posts from this blog

Personal Liability of an LLC

Can the Owner of a Limited Liability Company Be Penalized? As a business owner, you must understand the potential risks and liabilities you may face. If you own a limited liability company (LLC), you may be wondering whether you can be personally penalized for the actions of your business. Here's what you need to know about the potential for personal penalties as an LLC owner. The Benefits of an LLC An LLC is a business structure combining elements of a corporation and a partnership. One of the main benefits of an LLC is that it offers personal liability protection for its owners, known as members. This means that, in most cases, the member's personal assets are protected from any legal action taken against the LLC. However, it's important to understand that this liability protection is not absolute. There are certain situations in which an LLC owner may be personally liable for the actions of the business. Personal Liability for LLC Owners There are several circumstances i...
Read more

Does an executor of the estate have an expiration?

Image
Does an executor of the estate have an expiration? Madison Assistant at  Parklin Law An executor does not have an expiration date. An executor has a job to do and he or she is the only person who can do it. The executor is in charge of settling the estate and making sure all debts are paid; paying any taxes on the estate and distributing the remainder according to your will. The executor may need help to carry out this work, but he or she is still in charge of everything. Just like the laws of inheritance can be complex and confusing, they also have plenty of exceptions. One interesting exception is that an executor or administrator's role doesn't expire after a certain period of time. Although there are no set rules on how long you need to be the executor of someone's estate, you don't have to worry about it expiring. If you're named as an executor, your job is to handle the estate until it's closed, which means paying debts, distributing assets, and filling ou...
Read more

Can my attorney be the executor of my will?

Image
Can my attorney be the executor of my will? Madison Assistant at  Parklin Law Many people ask whether the attorney who helps them create their will can also be the executor of that will. The quick answer is yes. However, there are some things to consider. In a perfect world, your attorney would be both your estate planning advocate and your executor. But in the real world, it's often hard to find an attorney who is willing and able to take on both roles. Not all attorneys are equipped with the skill set required to handle the many aspects of an estate plan. If you need help with complicated tax planning or asset protection strategies, then you'll want an attorney with expertise in those areas. You may also need help from a specialist estate planning attorney if your assets are large enough that you're subject to complex transfer tax laws. Finally, if you have a complicated family situation like a second marriage or blended family, it may be necessary to bring in legal couns...
Read more