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Land Trusts

An Illinois Land Trust is a device for holding title and conveying title to real estate.  Under a Land Trust Agreement, title to real estate is held by the Trustee.  The use and enjoyment of the property is retained by the beneficiary of the Land Trust.  Although legal title is transferred to the Trustee, the Trustee can act only upon the written direction of the beneficiary.  Typical duties which the Trustee can perform at the written direction of the beneficiary include holding title to parcels of real estate, execution and delivery of mortgages, notes, leases, assignments of rent, deeds, etcetera.  Property which is transferred into the Land Trust may be presently owned by the beneficiary or, in the case of newly purchased property, may be transferred directly to the Trustee by the seller upon written direction of the buyer/beneficiary.   In any event, the beneficiary retains complete control over the real estate.   A Land Trust may be terminated at any time and additional real estate may be added at any time, however, an Illinois Land Trust may only accept Illinois real estate.