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faith
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Can the beneficial interest be specifically designated?
Friday, June 03 2011 07:11 AM
Hello,
I am interested in creating a land trust to begin a sort of conscious community. Is it possible that the beneficial interest of the trust be specially designated?
For ex. this specific 5 acres is assigned to a particular beneficiary who benefits from all improvements or rentals or sales from that specific 5 acres while another 5 acres is assigned to another beneficiary who is responsible for their own improvements and rentals or profits from their 5 acres?
Or is any income made from the land trust jointly shared on a percentage basis with all beneficiaries according to beneficial interest regardless of which portion of the land actually generated the income?
Thank you so much for your site.
In peace,
susan
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Can the beneficial interest be specifically designated?
Friday, June 03 2011 10:11 AM
Susan,
Please see my comments below in BOLD.
I am interested in creating a land trust to begin a sort of conscious community. Is it possible that the beneficial interest of the trust be specially designated? YES
For ex. this specific 5 acres is assigned to a particular beneficiary who benefits from all improvements or rentals or sales from that specific 5 acres while another 5 acres is assigned to another beneficiary who is responsible for their own improvements and rentals or profits from their 5 acres?YES, YOU CAN DO THIS EASILY WITH A LAND TRUST.
Or is any income made from the land trust jointly shared on a percentage basis with all beneficiaries according to beneficial interest regardless of which portion of the land actually generated the income? NO, YOU CAN DESIGNATE OWNERSHIP PERCENTAGES ONE WAY AND PROCEEDS A SECOND WAY.
Thank you so much for your site.YOU ARE WELCOME. PLEASE CALL ME IF YOU WANT TO DISCUSS FURTHER. 866-696-7347
Randy Hughes
866-696-7347
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