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If you own real estate in Illinois, a Land Trust offers a simple and inexpensive way to manage your property.
1. Confidentiality of ownership
A Land Trust works to guard the confidentiality of the owner or owners. This includes cases where:
- A group would like to acquire several properties for a given purpose, but this could be better accomplished if the individuals remain anonymous
- Co-owners may want to keep their individual interests in a property confidential
- An individual may simply want to avoid unsolicited inquiries or proposals regarding real estate holdings, whether a private home or investment property
2. Shared ownership protection
When real estate is owned by more than two people, divorce, legal disability or the death of one can hinder the sale of the property. With the establishment of a Land Trust:
- Those who share ownership in a property, or who own multiple properties, can avoid many complications
- A judgment against one of the Trust beneficiaries cannot create a lien on real estate held in trust
- Ordinary legal proceedings against one will not cloud the title
- While the interest of a beneficiary can be subject to claims of creditors, the creditors must take additional steps to assert their claims against a property held in trust
- The Land Trust can be pledged as easily as stocks, bonds, automobiles, or any other personal property
- Beneficiary interest in the Trust can be transferred by assignment without the formal requirements of a transfer of deed
- The problem of disposing of partial interest in a property is simplified
3. Avoidance of probate delays
Under a Land Trust Agreement:
- The individual creating the Trust can retain complete control over the property, with the desired succession in ownership becoming effective only upon death
- The delays and, under certain conditions, the expense of probate can be avoided
- The personal property will pass under probate or administration proceedings in the state where the deceased owner resided
- Additional proceedings, which would otherwise be required in Illinois, will be unnecessary
Who can establish and own a Land Trust?
- Anyone of legal age qualified to enter into a contract either before or after property has been acquired
- A Land Trust can be created by an individual or by a group such as an association or organization, a partnership, corporation, syndicate, limited liability company, or joint venture
Talk to your attorney about Land Trusts
- A Land Trust is a simple and affordable tool with numerous benefits for property owners. First Bank of Manhattan is providing this information to give you a general description of Land Trusts and their benefits. Consult an attorney for legal Land Trust advice.