Florida Land Trusts
O
ftentimes I am or contingent and purpose of anonymity of
asked, “Which regardless of how small or ownership by exposing the
state should I minimal such interest may beneficiary to public scrutiny.
form my land be, in a land trust which is trust in?” As a continuation held by a beneficiary. Personal Property. The
of the subject discusses in “Beneficiary” means any Florida Statute goes on to
my last newsletter, you now person or entity having a say, “In all cases in which the
understand that you do not beneficial interest in a land recorded instrument or the
have to form your land trust trust. A trustee MAY BE a trust agreement, as
in the same state where you beneficiary of the land trust hereinabove provided,
live or where the property is for which such trustee contains a provision defining
located. In fact, there are serves as trustee. and declaring the interests of
beneficiaries of a land trust
many benefits to using an
“outofstate” trust to hold I have talked before about to be personal property only,
title to your investment Florida being the only state such provision is controlling
property. I have covered that I am aware of that will for all purposes when such
these benefits in previous allow the trustee to also be determination becomes an
newsletters. This newsletter the sole beneficiary issue under the laws or in
will concentrate on Florida (because of the Merging of the courts of this state. IF
Land Trust Law. In future Interests Doctrine). Other NO SUCH PERSONAL
issues I will explain other states allow for the trustee PROPERTY DESIGNATION
major state land trust to be one of multiple APPEARS IN THE
statutes. beneficiaries, but not the RECORDED INSTRUMENT
trustee if she/he is the OR IN THE TRUST
The Florida Land Trust Act, ONLY beneficiary. AGREEMENT, (emphasis
689.071 covers real and Personally, I would NEVER added) the interests of the
personal property. make the trustee and land trust beneficiaries are
“Beneficial Interest” beneficiary oneinthesame REAL PROPERTY
means any interest, vested because it defeats the (emphasis added).
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