A Land Trust is an incredibly useful document that may benefit and protect you as a property owner. Most tax advisers and U.S. attorneys are unfamiliar with the purpose and value of a land trust, and do not know how this device works. Through the use of a land trust, you are able to keep matters of estate private and avoid probate (proving the legitimacy of a will of course). This means avoiding a large amount of attorney’s fees and delays in property distribution to your beneficiaries. With the laws constantly changing and adjusting, it is important to speak with a Florida Real Estate Attorney that can help you draft these documents could potentially save your and your family from unnecessary actions later on.
The New Law
Effective June 28, 2013, there has been significant changes in the Florida Statues regarding land trust laws. Florida Statute Section 689.071 has been amended with the passage of House Bill 229, meaning this statute no longer contains the same third party protection features, which have been moved to Section 689.073. Trustees are now able to deal with trust properties under the powers of the deed and do not need to disclose the terms of the trust. Starting immediately, deeds where the title is taken by a trustee with trust powers stated in the deed will now refer to the new laws. These changes may affect you and could create legal implications you are not aware of. Call Gulati Law today to find out if these new laws effect your current situation or if you are interested in drafting a land trust for your property or land.