A type of trust in which the only asset is the real estate, and legal title to the property is held by the trustee. A deed in trust is used to transfer real estate into the trust; and a trustee's deed is required to take the property out of trust. Land trusts are typically for a fixed term, usually 20 years, but can be extended.
Land trusts provide privacy, because only the trustee's name is recorded. Because the beneficiary's interest in the land trust is considered personal property, it also simplifies transfer of ownership, avoids transfer taxes, limits personal liability and protects from encumbrances. For more information, see the "Real Estate Trusts" article in the "Real Estate In-Depth" section.
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