Get answers to commonly asked questions about Land Trusts.
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 commercial property.
If you believe a land trust should be part of your asset management program, stop by and meet with one of our experts.
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 commercial 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.
Privacy of Ownership
Avoidance of Probate
Avoiding the Entanglements of Joint Tenancy
Ease of Multiple Ownership
Disposing of a Partial Interest
You can set up your land trust at the time the property is purchased or at a later date. 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 Department 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 your interest to 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 estate 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 additional 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, 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 Agreement, 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.
Who can be a beneficiary of the land trust?
I want to leave my beneficial interest to my niece on my death. How do I do that?
How do I change the contingent beneficiary or beneficiaries on my existing land trust?
Do I have to pay a yearly fee?
May a nonresident of Illinois be the beneficiary of a land trust?
Must I be a resident of the United States to be the beneficiary of an Illinois land trust?
How do I take the property out of the land trust?