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In the United States, the land owned by the United States government and held in trust for Native American tribes and individuals is sometimes referred to as a land trust. In Australia, Aboriginal land trusts are a type of non-profit organisation that holds the freehold title to an area of land on behalf of a community of Aboriginal and/or ...
An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners.
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
Since the State Land Department's inception, its missions have been to manage the Land Trust and to maximize its revenues for the beneficiaries. All uses of the land must benefit the Trust, a fact that distinguishes it from the way public land, such as parks or national forests, may be used.
Image source: Getty Images. 1. You may be able to avoid the probate process. Arguably the biggest advantage of a living trust is that it can often allow your estate to avoid probate when ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
The Land Trust is a British charity, based in Warrington, Cheshire, which owns or manages open spaces restored from derelict land for public benefit.Its vision is "to improve the quality of people’s lives by creating sustainable, high quality green spaces that deliver environmental, social and economic benefits".
Image source: Getty Images. 1. You can avoid the probate process that many people strongly dislike. A significant advantage of using a living trust is to avoid probate, a court process that ...