Should I have a Land Trust OR Transfer On Death Instrument (TODI)?
Well, here are the similaries; both documents allow property to pass property from one person to another without probate. AND THATS IT!
The TODI must be recorded with the County Recorder of Deeds office before the owner passes, making the owners information public as well as the beneficiaries. This is a major privacy concern and only a Land Trust can keep your personal information offline. In the Land Trust, the Trustee protects your privacy and will only disclose this information if required by law.
The TODI is also only applies to residential properties. A Land Trust can be used for all types of properties including, but not limited to, residential, commercial, investment and industrial.
In order to amend a TODI, the owner must follow a tedious process of re-drafting, and recording both a revocation of the previous TODI and a new TODI. With a Land Trust, all you have to do it fill out a one page form and send it back to the title company.
In order to establish or revoke a TODI, Power of Attorney documents cannot be used. With a Land Trust, a Power of Attorney can be use to establish, amend or revoke a trust.
A Land Trust Protects you from judgement liens, A TODI doesn’t protect you or your beneficiaries.
https://www.tedlondon.org/wp-content/uploads/2020/02/blank-300x22.png00Sachet Walkerhttps://www.tedlondon.org/wp-content/uploads/2020/02/blank-300x22.pngSachet Walker2018-06-14 21:15:022018-06-26 17:46:29The Advantages of a Land Trust