A land trust offers you, as a real estate owner, a unique package of benefits that lets you enjoy all the advantages of ownership without many of the problems that usually go along with it.
A land trust at a bank or trust company can make real estate ownership simple. Here’s how:
1. Your ownership becomes a private matter – reporting your interest is not necessary with a land trust.
2. You can limit your liability under a mortgage – personal liability for a mortgage can be avoided with a land trust.
3. You can reduce probate expense – by designating with a land trust the percentage of ownership which will be left to each successor beneficiary.
4. You may deal on your signature alone – without the necessity of your spouse’s signature on deeds, mortgages, leases, etc.
5. You can eliminate many joint ownership risks – such as faulty titles due to co-owner’s death, insanity, divorce, and the like.
6. You can eliminate the red tape of real estate sales – making the transfer of title a remarkably simple procedure.
7. As an out-of-state owner, you can avoid ancillary probate – because a land trust makes your interest personal property, which does not require probate in Illinois.
8. You avoid liens upon your title – because a judgment claim against a beneficiary does not automatically become a lien on the real estate.
A land trust should be tailored to your needs and objectives. For more details, we will be happy to help you with your questions. Talk it over with us today!