A land trust is a "self-settled" trust in which the owner of real estate/property is also the beneficiary of the trust, but not the trustee
. The purpose of the trust is to create an "envelope" around the ownership of the property, so as to obscure the true owner's identity in the public record.
A revocable living grantor trust (aka, revocable trust; living trust) is a self-settled trust in which the grantor and trustee are the same, but the beneficiaries are different (usually the grantor's children). The purpose of the trust is to make it possible to transfer trust property to the beneficiaries at the grantor's death without having to use the probate court to authorize the transfer. At th grantor's death, a successor trustee automatically assumes power and distributes the trust property to the beneficiaries.
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