You work incredibly hard to earn the money that is necessary to take care of you and your family. Using this money, you may have made some investments that have also become incredibly valuable and are used to ensure your family’s comfort. Not only is it important to provide for your family now, but you also want to ensure they are taken care of in the future.
To accomplish this task, you might consider looking into a land trust. If you find yourself asking, what is a land trust; it is a legal contract that transfers a property title from an owner to a trustee. Creating a land trust allows you to retain all rights to the property, including buying, selling, renting, or leaving it to your heirs. However, creating a land trust adds an extra layer of protection to keep you, your property, and your family safe.
If you’ve been considering creating a land trust but haven’t taken the necessary steps, you should reconsider. Creating a land trust will protect you and your family now and in the future. It’s a great way to ensure your assets are always there to provide for your loved ones. If you’re still asking yourself what is a land trust and how it can benefit you, below are some ways a land trust adds protection.
Liability Protection
In general, if you own property and someone gets injured, you could be held responsible for paying for their medical bills. Depending on the type of injury they incurred and your insurance coverage, this could wind up draining your hard-earned savings. When you put your property into a land trust, you aren’t liable for any accidents that occur on the property. This is a great way to protect your assets and ensure you have the funds necessary to live comfortably later in life.
Privacy Protection
Normally when you buy property, your name and other information become part of the public record. This means that anyone and everyone can look up this information and get a sense of what you are worth—or at least what the land might be worth. When you create a land trust, your purchase is private, and your name doesn’t appear in the public record, the name of the trust does.
If you don’t want lawyers, tax authorities, or exes coming after you for your property, creating a land trust is the best way to protect your privacy.
Inheritance Protection
If you plan on leaving your property to a loved one after you pass, then creating a land trust is the best way to ensure that it is transferred without any hassle. After your death, your trust will go to whoever you name as the beneficiary, and it won’t have to go through probate or lawyers. This is the best way to ensure those you leave behind are taken care of.
Lien Protection
Should you ever fall on hard times and the IRS or other government entities hit you with liens, if you have a land trust, your property will be protected. This is a great way to protect yourself and your family from losing all of your assets, and should it come down to it, you still can sell your property and use the money to live comfortably.
If you’re looking for a way to protect your assets and ensure that your family is taken care of now and in the future, you should be asking: what is a land trust? When you get that answer, you should then think about creating one.
