How do I set up a Land Trust? What is the purpose and reason for setting this up?

Answer 1

If you create a Trust by allowing the Trustee(s) to handle affairs about the land, there could be three valid reasons.
Firstly, the land belongs to an association and not any group of individuals. So trustees are made to handle the monetary aspects. Secondly, if the owner is a foreigner and cannot buy the property under his own name, he can appoint a Trustee to take care. Thirdly, Trust Deeds can be a temporary insurance for lender/borrower transactions.

Answer 2

"Land Trust" can mean several things, so I can't give you specifics.

I'd say you should start with an attorney, but be clear on what it is you're trying to accomplish. If you ask to set up a specific kind of trust, you might get what you ask for, but it doesn't solve the problem.

Start by explaining the problem or concern. Don't start with the solution, because it probably won't fit your situation.