A Florida Land Trust is a statutorily created form of ownership that is an inexpensive and simple tool for handling the ownership of real property. Florida Land Trusts have several benefits:
- Privacy
The beneficiaries of the Land Trust are not disclosed, and there is no public record of the beneficiaries. The trustee is the public owner of the property.
- Avoiding Probate
A Florid Land Trust is a non-probate asset. A Florida Land Trust allows the property to pass to any contingent beneficiary without court action and probate filings. An interest is freely assignable.
- Limitation of Risk and Liability Protection
The Land Trust specifies that the beneficiaries are not liable for the property. Judgment liens against an individual do not attach to the land allowing the beneficiary to freely sell or his/her interest notwithstanding an adverse Judgment(s) as an interest in a Land Trust is personal property.
A judgment creditor may only reach an interest in the Land Trust if the creditor learns of the ownership, but the beneficiaries may always transfer the interest to a LLC providing further protection of the charging order.
To discuss these and other benefits of land trusts and whether it is a solution for you, please contact Cox Law PLLC.