Land Trust Agreement Illinois

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Land trust agreement illinois. 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. 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. If you should need any additional forms or if you would like to reserve a land trust number please contact our land trust administrators. A land trust is a method of real estate ownership in which a trustee holds legal title to the real estate.

Draw up a land trust agreement for land in illinois with this downloadable template. The beneficiaries rights and powers pass to their executors upon their death and do not. 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. While less common these days than it has been at times in the past illinois land trusts can be effective estate planning tools in.

This is especially helpful when the beneficiary is a minor or if the beneficiary has special needs. Although land trusts are legal in all fifty states. 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. 1031 exchange agreement 1031 exchange w 9 form 1031 exchange section 1445 certification by individual transferor 1031 exchange section 1445 certification of nonforeign status corporation partnership transferor estate.

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 a creation of common law though now is governed by a number of illinois statutes. The trust s beneficiaries have full power to dispose of the property and complete control over its management. The illinois land trust is only available for real property within the state of illinois.

Land trust primer note. The trust agreement must be drafted and executed by all beneficiaries and parties with power of direction. A land trust is commonly referred to as an illinois land trust because illinois was the first state to legally acknowledge land trusts. Trust agreement dated and known as trust number it is agreed.

Land trusts in illinois. Maria bora vice president trust officer located at. Most people are familiar with or have heard of a living trust. 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.