Family Land Trusts Attorney
A Family Land Trust is a legal entity that holds title to a parcel of land for the benefit of a group of owners who are related. A Family Land Trust is typically governed by a small group of family members called “Trustees” who represent different branches of a family. Trustees are either elected or appointed by the family member owners. Family members own “shares” in the Trust, which gives them certain voting rights and rights to rents and profits.
There are many advantages to having a Family Land Trust own your land. For example, the Trustees carry out the regular management activities to make sure the land is protected from tax foreclosure, misuse or abuse. The Trustees are also responsible for making sure that all family members have the opportunity to use and enjoy the land. The Trustees also assist in the distribution of any annual rents and profits to the family owners.
Another important benefit of a Family Land Trust is that family members can designate a beneficiary who will receive their share of the Trust when they die without the need of an expensive probate proceeding. Another important benefit is that the Trust can insist that a family member wishing to sell their interest in the Trust must first offer it to other Trust members to keep the shares “in the family.”
Of course, the biggest advantage of a Family Land Trust is that it will preserve family land for generations to come.
Kaneohe Lawyer can assist you and your family in developing a Family Land Trust that meets your needs.
If you are interested in creating a Family Land Trust, do not hesitate to contact Kaneohe Lawyer. We will provide you with a free consultation to assist you in making an informed decision on your legal options.