By Mark Warda
Information advantages of land trusts offers the step by step operation of a land belief contains information regarding constructing a land belief Explains the best way to keep away from probate and litigation Discusses how you can keep away from own legal responsibility Clarifies appropriate Florida legislation
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Extra info for Land Trusts in Florida (Legal Survival Guides)
Sample text
It should state that neither party is the agent of the other. ✪ It should allow compliance with Florida’s RICO law. ✪ It should provide for the trustee’s resignation and a successor trustee. ✪ It should clearly eliminate personal liability on the part of the trustee. ✪ It should provide that interests of the beneficiaries are personal property. ✪ It should clearly spell out the interests of the beneficiaries. This is usually designated as percentages. To avoid probate, ownership can be in joint tenancy and provide for successor beneficiaries who acquire their interests upon the deaths of the existing beneficiaries.
However, this case seems to be one in which the court was more concerned with getting a result it wanted than following the law. The defendant was a poor minority person losing her home, and the plaintiff was a corporation. The fact that the court did not even understand the case is clear since it ruled that this was not a valid land trust. But actually the validity of the land trust (which was created four months earlier) was not the issue in the case. The issue was whether the sale of the beneficial interest secured by a collateral security agreement should be treated like a mortgage or foreclosed under the UCC.
There are many Illinois cases supporting the position that the trustee has no liability for injuries on the premises. (Fields v. Indiana Ave. ) Therefore the party in need of liability protection is the beneficiary. However, it is advisable to also list the trustee as an additional insured to avoid needless litigation. One way to keep the beneficiaries’ names off the policy is to have it issued in the name of the trustee and the beneficiaries of the trust as their interests appear. This way you can change beneficiaries without changing the policy.