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Simple English definitions for legal terms
land trust
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A quick definition of land trust:
A land trust is a way to manage land for different purposes. One type of land trust is a conservation land trust, which is created to protect land from being developed. This means that the land can be used for things like farming or recreation, but not for building houses or businesses. People can create conservation land trusts to keep their family property safe from development and still use it. Another type of land trust is used for investment purposes, where people can keep their ownership of property private and manage their investments. Some land trusts are also created to help communities, like building affordable housing or parks.
A more thorough explanation:
Land trust refers to a legal entity that manages land for different purposes such as conservation, development, or investment. The most common type of land trust is a conservation land trust, which is created to protect land from development. This type of trust is often created by individuals or groups to preserve family property or protect natural habitats.
For example, an individual may create a conservation land trust to prevent development on their family property while still being able to use it for farming or recreational activities. This is done by placing an easement on the property, which limits how it can be used. Donations to conservation land trusts are tax-deductible and can be used for environmental projects.
Land trusts can also be used for development and investment purposes. For instance, an individual may create a land trust to keep their ownership of a property private while managing their investments. Some land trusts may also be established to meet the needs of a community, such as building affordable housing or a park.
Overall, land trusts are a way to manage land for various purposes while benefiting from tax deductions and trust management.