Land Trusts (True or False Q's)
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Land trusts generally don't have a specified term.
False
Land trusts must be created at the time the real estate is purchased, not after it has been acquired.
False
A land trust is formed specifically to hold real estate. Real property is the only asset within the trust.
True
Under a land trust, the owner directs a corporate fiduciary to hold title to the real estate and provides instructions for the management, control, and disposition upon the owner's death.
True
When the land trust term expires, the trustee must either extend the term or sell the real estate and provide the proceeds to the beneficiary.
True