The Basics of Trusts in Farm Succession
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Collapse ▲Very often, “heirs” of land “inherit” their interest as beneficiaries of a trust. Depending on the goals of and family variables faced by the parent or other person who created the trust, beneficiaries might receive their land title outright following the death of the trust creator, or receipt of title to the land may be delayed and they receive a beneficial income interest from the land.
The essential nature of a trust is that of an arrangement whereby one legally holds title to property bound by an instrument to manage the property to the use and benefit of another. If a family has done some advanced estate planning, it is likely that property interests will be disposed of through a trust.
For more information on other legal farm-related topics visit Farm Law for Operators and Landowners