Landlords may be liable for premises injury just as much as the owner of a business renting out that space. These sorts of lawsuits may be costly and it is in your best interest to make sure any assets you have outside of the owned property.
A Florida land trust allows you and other trustees to manage property while keeping your other interests private.
The basics of a Florida land trust
According to the Florida Land Trust Act, provides you and any person who enters into the trust certain “powers of direction” to convey interests, execute leases, distribute sale proceeds and execute administrative documents. These include any interest in real property as defined by Florida courts.
The benefits of a Florida land trust
Florida land trusts offer security and privacy. Each beneficiary of these trusts may remain anonymous as only the trustee’s name appears on public record. Any interests in your property have protections that keep others from selling them. Certain homestead exemptions may likewise benefit you if your land trust is your principal residence.
When it comes to asset protection, if there is a judgement against one of the beneficiaries to a land trust, it may not affect the rights of other beneficiaries involved. Asset transfers do not require the complicated formalities of a deed — they only require a simple assignment document. And a Florida land trust may avoid probate by specifying successor beneficiaries in case the original beneficiary dies.
Florida land trusts may provide you with the flexibility you need to use a property how you want, pass it to others as needed and keep your other assets legally separate in case of litigation.