Serving Clients in Cook, DuPage, Kane, Lake, Will and McHenry Counties
How Can a Land Trust Benefit You?
Illinois land trusts have been around since 1868 and is the legal manner of holding real estate. Only real property which is property attached to the land can be used to establish a land trust.
In theory, land trusts give legal rights to a trustee who is entitled to the property and who can either sell or take the property, or manage the land with the beneficiary retaining power to use the land and have a number of other rights provided in the land trust. Oftentimes, there can be more than one beneficiary designation upon the death of the primary beneficiary. If there is more than one designated beneficiary holding title with the right of survivorship, property can pass outside of probate as it relates to real estate being held in the land trust.
The attorneys at Newland & Newland, LLP provide effective representation to clients from 6 different office locations in Arlington Heights, Libertyville, Crystal Lake, Chicago, Waukegan and Itasca, for a variety of complex legal matters concerning real estate and land trusts. If you are interested in learning more about how we can help you with land trusts, contact us today for a free initial consultation.
Other Advantages to Land Trusts
One of the many reasons why people prefer holding property in land trusts is to avoid probate. When a land trust is prepared properly, it will allow that property to pass outside of the probate court, thus avoiding any delays of receiving the inheritance of the property.
Another benefit of land trusts is that the landowner can easily designate property to his or her beneficiaries through the trust agreement. A trust agreement not only provides convenience but also security. Land trusts also helps to protect the identity of the landowner, since the owner will be recorded as the Trustee.
Contact Our Land Trusts Attorneys Today
Contact Newland & Newland, LLP to learn more about land trusts and how we can address your personal legal needs. Call us today to schedule a free initial consultation. We represent clients throughout Cook, DuPage, Kane, Lake, Will and McHenry counties.