Land Trusts are used for privacy like a Living Trust.
Living Trusts are:
- Used to Avoid the COSTS and DELAYS of a Probate Court Proceeding.
- Used to keep wishes of deceased persons PRIVATE, as wills that are probated are PUBLIC RECORD.
- Used to avoid dealing with an Court Appointed Estate Administrator who has rules to go by, such as freezing bank accounts and preventing the quick sale of residential property.
From Attorney Bill Bruss:
A revocable living trust is used by millions of homeowners and real estate investors to completely avoid the costly and time-consuming probate procedures.
A revocable "inter vivos" (which means among the living) living trust is a simple method of holding title to real and personal property, such as your house or condo, investment real estate, second or vacation home, common stocks, bonds, home furnishings, automobiles (although many insurance agents and probate attorneys recommend not holding vehicle titles in a living trust), artworks, and other assets to avoid ownership transfer through probate proceedings after the owner dies.
A revocable living trust allows the owner (called the "trustor") to buy, sell, and deal with their living trust assets just as if title was held in the owner’s name alone.
A living trust can be used to hold title to a property alone. Or, if you are a co-owner with one or more co-owners, you can own your share of the property in a living trust and the other co-owners can hold their title as they wish, such as tenants in common.
The major advantage of holding title to your real estate and personal property in a living trust is to avoid probate costs and delays.
After you’re gone, your successor trustee can then quickly pay your debts and distribute your living trust assets according to the terms of your living trust – the probate court doesn’t become involved. An equally important secondary living trust advantage is to provide management of living trust assets while a trustor is incapacitated and unable to manage his or her assets.
An attorney who specializes in "elder care law" stated that one out of every three persons 85 or older either has or will be diagnosed with Alzheimer’s disease.
As millions of "baby boomers" retire, the benefits of living trusts will become more important than ever before.
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