- A living trust allows the trustor, during his or her lifetime, to convey title to a trustee for the benefit of a third party. The trust charges the trustee with all necessary responsibility for managing the property, protecting its value, and securing whatever income it may produce. The trustee may also be ordered to sell the property at a given point. The beneficiary receives all income and sales proceeds, net of the trustee’s fees. A living trust may involve personal property as well as real property.
- A land trust allows the trustor to convey the fee estate to the trustee and to name himself or herself the beneficiary. The land trust applies only to real property, not to personal property. The agreement, or deed in trust, grants the beneficiary the rights to possess and use the property, and to exercise control over the actions of the trustee.
Posted on May 10, 2017 by Attorney's Title Group