The real estate world is vast and varied, with each property holding its own unique blend of opportunities and challenges. Whether you’re a seasoned investor or a new homeowner, understanding the different methods of holding property can be an essential part of your asset protection strategy. One popular method in Florida is the use of a Florida Land Trust.
What is a Florida Land Trust?
A Florida Land Trust is a private legal agreement that enables the property owner, or the ‘settlor’, to transfer their property’s title to a trustee. The trustee then holds and manages the property for the benefit of the beneficiaries who are usually the original property owners or their designated heirs.
What sets Florida Land Trusts apart is the unique level of control they offer to the beneficiaries. They have the power to direct the trustee on property matters such as management, selling, leasing, or other property decisions.