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Land Trusts are a convenient way to hold and handle the title to real estate. As Trustee, when authorized by the individuals designated as having the power of direction under the Trust Agreement, Devon Bank will execute leases, mortgages, contracts, assignments, amendments, and other legal documents.
There are many benefits derived from the use of a Land Trust:
Privacy – If it is important to an individual that they do not appear as the title holder on personal or investment property, then a Land Trust can help accomplish this. To further protect your privacy you can contact the county treasurer to have all tax bills and correspondence mailed to your Devon Bank Land Trust.
Ease of Conveyance – A Land Trust offers a convenient means of mortgaging and selling property without having to obtain deeds from all of the beneficiaries. This is a noteworthy feature if many individuals are interested in the property and scattered throughout the country.
Disposing of Part Interest – A Land Trust simplifies the practical problem of disposing of a part interest in a property since the beneficial interest under a Land Trust can be transferred by assignment; no deed is needed.
Estate Planning – Beneficial interest in a Land Trust can be passed to heirs through the Trust Agreement. This can minimize other estate planning documents.
Someone is a good candidate for a Land Trust if:
- She or he owns commercial or residential property.
- She or he is in the process of obtaining financing to purchase property.
- She or he inquires about estate planning and the only asset she or he has is real estate.
For more information about creating a Land Trust please call:
Land Trust Administrator
*Please do not send confidential information via e-mail