One of the most popular Google searches for real estate investors right now is Florida land trusts. There’s a lot of good information out there, including right on our blog page. Of course, it’d be a waste of time looking up Florida land trusts if the Sunshine State didn’t allow them, right?
The simple answer to whether or not Florida allows land trusts is yes, the state absolutely allows you to set up land trusts. Whether you’re an individual, a family, or a real estate investor, you have access to the many benefits of a Florida land trust. What’s important to understand is that some states don’t have specific laws or statutes addressing land trusts which can make the process more complicated.
Which states do not allow land trusts?
We’ve already addressed that Florida land trusts are legal and our state does indeed have statutes in place specifically address land trusts. Only a select few other states have statutes addressing land trusts specifically:
- Georgia
- Hawaii
- Illinois
- Indiana
- Montana
- South Dakota
- Virginia
Most other states have parameters that either recognize or replace land trusts. California, however, does not recognize land trusts as other states do. Instead, land trusts are used to conserve any unused land in California.
What Are the Benefits of a Florida land trust?
Florida land trusts provide privacy and flexibility to property owners. In general, living trusts and other estate or succession-planning tools don’t protect you from public scrutiny in the transfer of land. Under a land trust, you won’t have to worry about exposing the private details of the transfer of real estate as long as you successfully establish and execute the details of your trust.
Another major benefit is the flexibility provided by Florida land trusts. The powers of both the trustees and beneficiaries of a land trust can be dictated more so than other trusts. Not only can the owner of the property name themselves as the beneficiary but beneficiaries have more power than trustees in a land trust.
These are amazing tools you can take advantage of to manage and transfer real estate as well as limit your personal liability. If you think a land trust is right for you, contact Bryant Taylor Law. We’ll work with you to get this set up to protect your hard work, allowing you to manage your properties with privacy and confidence.
Bryant Taylor
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