ERRONEOUS LAND TRUST ADVICE – HOW TO SPOT IT CLINT COONS
ave you been told land trusts are
when dealing with a client is to tell them it will not
not valid in your state? If not then it
work. In other words, if an attorney is not up on it
is only a matter of time until you run
then it is safer to be down on it, unless the client
into a professional who will make
is willing to pay to have him thoroughly research
this representation.
Not surprisingly, ninety
percent of the time it is a local attorney making
the law. Attorneys are averse to venturing into
uncharted waters for fear of liability.
the statement. Why the erroneous advice?
Because the attorney is not familiar with the basic
The following states have adopted some form of
principles of trust law. Most attorneys operate in
land trust statute: Florida, Georgia, Hawaii,
a legal world where statutes control their view of
Illinois, Indiana, Montana, North Dakota, South
the law i.e., if you are not familiar with a particular
Dakota,
body of law and you cannot find a statute to
recognizes the use of trusts via case law, i.e., the
support your idea, then the safest assumption
common law but with some limitations typically
and
Virginia.
Every
other
state