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

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

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Min Austria
Assistant at Ascent Law LLC

A land trust is similar to a living trust, but is only used to hold real estate. It can include a primary residence, mineral interests, and mortgages or notes. Its grantor is the trustee, and the beneficiaries can be either you or an entity controlled by you. Because of this, a land trust allows you to retain your right to the property it holds, while also maintaining your privacy and keeping your property separate from your personal assets.

A land trust can be revocable, meaning the settlor can change its terms while he or she is still alive. Beneficiaries can also change the trustee if the trustee is uncooperative. A land trust can also help protect your family's privacy by not revealing your legal ownership of the real estate.

While land trusts are similar in structure and function to living trusts, they have some important differences. A land trust is revocable, whereas a living trust has no restrictions on who can inherit your property. It can also be taxed whenever you want. However, land trusts are more limited in the types of property they protect and the beneficiaries they can name.

If you have any questions or need a Estate Planning Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Lindon, UT, USA

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