The Difference Between a Land Trust and a Living Trust
A trust is an entity designed to provide protection within the eyes of the law. Things that may be protected by a trust include personal property, life insurance and even land.
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Living Trust
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A living trust is designed to protect property, investments and/or life insurance. It separates ownership of the property from the original owner, commuting all assets and liabilities to the trust, protecting it from estate settlement fees and associated taxes, so the named beneficiary garners more value.
Land Trust
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A land trust is designed to protect land so the public may benefit from enjoyment of fishing, nature observation or the conservation of the land and its wildlife content. A land trust may buy land or have it donated with the goal of conservation.
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Differences
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The most essential difference between a land trust and a living trust is that a land trust is not really a trust at all. Other names are more descriptive, including conservancies, foundations or associations
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References
- Photo Credit Freies Land, totes Land image by weinhundert from Fotolia.com
