The ABC’s of Land Trusts
Although it may sound complicated, a Land Trust is really a simple, inexpensive method of estate planning for one's real estate such as a home mortgage. When established, real estate is transferred into the trust, which then owns the property, but all of the rights and responsibilities of ownership continue to be held by the beneficial owner.
Why a Land Trust?
A Land Trust offers the owner a wide range of benefits, including:
- Financial privacy – it affords the owner a measure of privacy from those who search public county land records for the holder of the title.
- Legal protection – ordinary legal proceedings against any of the beneficiaries affect the title to the property.
- Smoother estate succession – a land trust avoids the probate process, eliminating significant probate costs and delays.
- Ease of title conveyance – the land trust affords a convenient means of mortgaging and selling a trust property without having to obtain deeds from all the beneficiaries and their spouses.
- Ease of disposing of partial interest – it simplifies the problem of disposing of a part interest in a property since the beneficial interest under a land trust can be transferred by assignment. No deed is needed.
Because it is relatively inexpensive to establish and maintain, and allows the owner to keep control, a Land Trust is a very common tool for estate planning.
Why Standard Bank?
Standard Bank’s friendly trust services team is right in your own neighborhood, yet is a leading land trustee in Illinois and one of the most knowledgeable providers of the service in the state. We have experience and expertise to address your specific needs which will help you maximizing the benefits of Land Trust.