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720 Main St NW
Bourbonnais, IL 60914

Ph:(815) 935-8000
Fx: (815) 935-8011

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(815) 935-8074

110 Marquette Place S
Manteno, IL 60950
Ph: (815) 468-8100
Fx: (815) 468-8188

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Momence, IL  60954
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WHAT IS A LAND TRUST?

An Illinois Land Trust is a simple, convenient and inexpensive way to manage ownership of your real estate, whether it be a single family dwelling, a large farm, or commerical property. In a land trust the recorded title to the real estate is held for your benefit by the trustee while at the same time you enjoy all the rights, conveniences, and advantages of ownership. The trustee can act only on your direction so even though formal ownership is with the trustee you still have complete control of the property. You may terminate the trust at any time. If you believe a land trust should be part of your asset management program, talk with us.

Knowledgeable And Experienced Land Trust Experts


Privacy of Ownership

The trustee is listed on all public records as owner of the land so someone examining the public land records cannot see that you are the owner of the property. In fact, absent unusual circumstances, the public need never know who is the property's real owner.

Protection

When property is held by more than one person the title may become unmerchantable by reason of death, a judgment against one of the owners, divorce or any of numerous other reasons. With a land trust, the title remains merchantable thus avoiding a possible cloud on the title.

Avoidance of Probate

By designating a contingent beneficiary you can avoid the trust property being included in your probate estate. This avoids the expense of probate as well as shielding the disposition of your property from the public.

Avoiding the Entanglements of Joint Tenancy

It has been common practice to create a joint tenancy in real estate holdings solely for the purpose of providing a succession of ownership on death. Under joint ownership, however, either of the joint tenants is given an immediate interest in the ownership and management of that property; and in many cases it handicaps the real owner in his or her dealings with the property without the written consent of the joint owner and the other spouse. Under the Land Trust Agreement, the party creating the trust, can, if he or she so desires, retain sole control over the property during his or her lifetime with the desired succession in ownership becoming effective upon his or her death without the expense of going through probate.

Ease of Multiple Ownership

Where there are multiple owners you can designate one person to direct the trustee. This avoids the necessity of having to get signatures from all the owners and their spouses.

Disposing of a Partial Interest

In many estate planning situations it is advantageous to dispose of a partial interest in an estate. A land trust simplifies this procedure by allowing the transfer of a partial interest by way of an assignment, which need not be recorded in the public records.

SUGGESTED BENEFICIAL INTEREST DESIGNATIONS
FREQUENTLY ASKED QUESTIONS ABOUT LAND TRUSTS

BENEFITS OF A LAND TRUST

You can set up your land trust at the time the property is purchased or later. You will need to execute a Land Trust Agreement and have the property deeded into the trust. We can provide you or your attorney with the necessary forms either by fax (call our Trust Dept. at 815.935.8000) or you may download them from this site. In setting up your land trust you should consider two important items: 1) naming a contingent beneficiary to succeed to your interest upon your death and 2) Naming someone to hold the power to direct the trustee to execute deeds and documents that deal with the title to the property.

Under a Land Trust Agreement, the Beneficiary retains complete control of the real esate in the same manner as if the recorded title were in his or her name. The Beneficiary may end the trust whenever desired, or may add additioanl property to the trust at any time. At all times the Beneficiary deals with the property as though he or she were the record title owner, for as a matter of fact, he or she is the owner. The Trustee, only when directed in writing by the Beneficiary, executes deeds and mortgages and deals with the property as so directed.


When title to real estate is held in a Land Trust, the interest of the Beneficiary, under the terms of the Trust Agreeent, is personal property. Because a Beneficiary's interest is personal property, the Beneficiary may transfer that interest or part thereof by simply executing an Assignment of Beneficial Interest without the formality of executing and acknowledging a deed. Additionally, the Beneficiary's spouse need not join in such assignment for the purpose of releasing dower, as no dower attaches to the Beneficiary's interest in the Trust.

How to Establish a Land Trust

How a Land Trust Operates