Illinois Land Trust Example

The illinois land trust is a device for holding and conveying title to real estate which is more desirable and advantageous than some of the more familiar forms of real estate ownership.

Illinois land trust example. This would mean that the trust could not be considered passive which would invalidate it. 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. The beneficiaries rights and powers pass to their executors upon their death and do not. The beneficiary has the exclusive power to direct or control the trustee in dealing with the title and the.

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. A real estate land trust that follows the illinois model is a revocable trust meaning it can be altered or canceled by the property owner at any time. The trust s beneficiaries have full power to dispose of the property and complete control over its management. Because of this ruling american land trusts today are often referred to as illinois land trusts or illinois type land trusts.

If you should need any additional forms or if you would like to reserve a land trust number please contact our land trust administrators. In an illinois land trust the legal and equitable title lies with the trustee and the beneficiary retains what is referred to as a personal property interest. On the next page we ll list more of the benefits and a few of the potential drawbacks of creating a real estate land trust. A land trust agreement is a legal document where the trustee is the one that holds the legal title and this is for all the property which is held in the trust and the beneficiary of the trust is the llc this means that the beneficiaries get to use the property as well as to use whatever income is generated by the property.

Draw up a land trust agreement for land in illinois with this downloadable template. Under a land trust agreement title to real estate is held by the trustee. A title holding trust allows the property owner to anonymously maintain all rights over the property and direct the actions of the land trust. Example of land trust.

In 1955 walt disney opened disneyland his first theme park in anaheim california. 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. What is a land trust agreement.

These trusts are also commonly called illinois land. Maria bora vice president trust officer located at. While less common these days than it has been at times in the past illinois land trusts can be effective estate planning tools in. Land trust primer note.

The illinois land trust is a creation of common law though now is governed by a number of illinois statutes.