If I own land in a trust, or I’m buying land that’s owned by a trust, how does that work?
I’m Ray Seaman with eXp Realty, Your Florida Land Agent.
First, a reminder that I’m not a probate or estate attorney, and it’s a smart idea to consult with one regarding a trust. This video is not legal advice.
I both personally own land in a trust, and have purchased land owned in a trust. The main thing to understand is whoever is listed as the trustee in the trust agreement is usually the person who has the authority to sell the property. Sometimes there are multiple co-trustees, so consult your trust agreement accordingly.
If you’d like to purchase and own land in a trust, it’s a good idea to get a probate or estate attorney to create one for you. There are two main benefits: largely anonymous ownership and clear instructions for what happens with they property when you pass on. This avoids a potentially expensive and time consuming probate process for your successors.
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Thanks for watching, and I’ll see you in the next video.