Land Trust Agreement Illinois

This is especially helpful when the beneficiary is a minor or if the beneficiary has special needs.

Land trust agreement illinois.

If you should need any additional forms or if you would like to reserve a land trust number please contact our land trust administrators. Maria bora vice president trust officer located at. Trust agreement dated and known as trust number it is agreed. While less common these days than it has been at times in the past illinois land trusts can be effective estate planning tools in.

Most people are familiar with or have heard of a living trust. Land trust trust agreement land trust warranty deed in trust. The illinois land trust is a creation of common law though now is governed by a number of illinois statutes. Land trust agreements are drawn up during the lifetime of the owner and the owner lists all the terms and conditions in the agreement including the details rights and duties of the trustee as well as the beneficiaries.

Chicago title land trust company a corporation of illinois as trustee hereunder is about to take legal and equitable title to the following described real estate in county illinois. Land trusts vs living trusts. Other states may recognize and may grant legal status to the illinois land trust but this page deals only with land trusts for real property within the state of illinois and governed by illinois law. These trusts are also commonly called illinois land.

A title holding trust allows the property owner to anonymously maintain all rights over the property and direct the actions of the land trust. The illinois land trust is only available for real property within the state of illinois. The trust s beneficiaries have full power to dispose of the property and complete control over its management. The trust agreement must be drafted and executed by all beneficiaries and parties with power of direction.

Although land trusts are legal in all fifty states. Draw up a land trust agreement for land in illinois with this downloadable template. A land trust is a method of real estate ownership in which a trustee holds legal title to the real estate. Land trusts in illinois.

Land trust primer note. The trust agreement and w9 along with a copy of a government issued picture identification for each beneficiary and power of direction holder should be submitted to chicago title land trust company for acceptance. Permanent tax number improved with. In illinois individuals have a unique option for holding title to real estate not otherwise available to individuals in the vast majority of other states.