Estate Planning
Hello Terry! We have always enjoyed you and your column. Here is my question:
What is the difference between a Trust Deed a TODI and a land trust. ? Is one preferred over the other?
Terry Says
Honestly, you’ll have to ask a real estate lawyer. That depends on the state of residence.
But the real answer is to title property in a Revocable Living Trust — if the goal is to transfer property at death or upon disability. Creating a RLT allows your named successor trustee to handle your property even if you are not dead, but unable to act on your own behalf. If you’re going to do it, do it right!
Watch this video: terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
Now, if your goal is to hide ownership of the property, that’s a different kind of trust.
