Can an LLC be a Trustee of a Land Trust?
This will depend on the laws of your state. Virginia law allows an LLC to be a Trustee of Land Trust. Can a Land Trust have a director(s)? You do not have to have a director. There are situations in which a director can be convenient. e.g.… if minors are involved. Can the trust have more than one trustee? Yes, but you need to document if all trustees must sign or if only one signature is needed. If you are going to allow any one of the trustees to act on behalf of the others, you need to include “jointly and severally” language in your trust agreement.
Related Questions
- I am a trustee of an existing trust that already holds Victorian land and I have acquired new land under that trust. What do I need to do for land tax purposes?
- I have just become a trustee of a new trust that recently bought Victorian land. What do I need to do for land tax purposes?
- Can an LLC be a Trustee of a Land Trust?
