Libertyville Attorneys for Setting up Land Trusts

Using a Land Trust in Lake County to Protect Your Real Estate

At the Illinois law firm of Newland & Newland, LLP, our skilled team offers a full catalog of estate planning services to individuals and families throughout the region. With more than 60 years of combined experience, we help with wills, advance medical directives, powers of attorney, and all types of trusts. Illinois is one of just a few states in which land trusts can be used to protect real estate investments and transfer them to named beneficiaries at the appropriate time.

Understanding Land Trusts in Illinois

A trust is a formal financial arrangement that is used to place assets under the management of a trustee for the benefit of those named as beneficiaries. A land trust is a unique type of trust in which the assets in question are exclusively real estate interests. In establishing a land trust, the property owner will transfer ownership of the property to the trust and select a person or entity to serve as trustee. A land trust trustee is often a bank, holding company, or another organization or institution. The creator of the trust is generally the trust's primary beneficiary while he or she is still living. Upon the creator's death, the property will usually be transferred to secondary beneficiaries.

The experienced attorneys at Newland & Newland, LLP can help you determine if a land trust is right for your situation. If so, we will work with you in completing the necessary steps. The first thing that must be done is to draft a trust agreement that specifies the terms of the trust. Then, you and your lawyer must draft and sign a Deed in Trust to be recorded with your county's Register of Deeds. Lastly, your trust agreement must be filed with the selected trustee, and all required fees must be paid.

Possible Advantages of a Land Trust

When a land trust is created, funded, and utilized properly, there are a large number of potential benefits. A land trust is used to transfer ownership of real estate out of the original owner's name, which means the arrangement can protect the property from liens, creditors, and liability. When land trusts are used in estate planning, they significantly increase privacy by allowing the transfer of the property to beneficiaries to occur outside of the probate process. Assignability of contracts and loan assumability can also be affected through land trusts.

Customized Estate Planning Solutions in Vernon Hills and Grayslake

At Newland & Newland, LLP, we understand that there no such thing as a one-size-fits-all approach to estate planning. The tools and provisions of your estate plan must be tailored to meet your unique circumstances. When you choose our firm to help you with estate planning, we will begin with a comprehensive analysis of your situation, from your finances to your relationships with your loved ones. This allows us to develop a strategy for protecting your estate and transferring your assets to your beneficiaries in accordance with your wishes. Your family's security is important to us, and we will do everything we can to help you provide your loved ones with the peace of mind they deserve.

Contact Us Today

Land trusts can be beneficial, but setting them up properly requires the assistance of an experienced attorney. Contact our office to learn more about the process. Call 847-549-0000 for a free phone consultation today. With five locations throughout the region, our firm serves clients in Libertyville, Arlington Heights, Grayslake, Lake Bluff, Gurnee, Vernon Hills, Mundelein, Lake County, and the surrounding areas.