Private Land Trusts for Asset Protection and Estate Planning
Land Trust Lawyer Serving Naperville, Bolingbrook and Plainfield IL
Asset protection is an important part of estate planning. Limiting the risk exposure of your assets will allow you to pass more onto your beneficiaries. If you have real estate holdings as a part of your estate, there are several asset protection strategies you can use. Holding your properties in a private land trust is one of the best. At Robertson Legal Group, LLC, we are highly experienced in both real estate and estate planning law. We have over 12 years of experience helping clients protect their assets and plan for the future, no matter what their future may bring.
Private Land Trusts in Illinois
Illinois is one of the few states that allows individuals to hold real estate in a private land trust. A land trust is similar to a revocable living trust. With a land trust, the title for the property is held by a trustee (a corporate entity experienced in trust management) while the owner (who is the beneficiary) maintains control over it. Essentially, the trust owns the property in “name only”. The owner can transfer the property out of the trust whenever desired and terminate the land trust at will.
Advantages of Land Trusts
Using a land trust can be a valuable tool in certain situations, but may not be for everyone. It is important to consult with an experienced attorney in order to evaluate whether this is an appropriate strategy for you. Attorney Sean Robertson has worked with all types of real estate owners including those with high-value properties. He will assess your situation and explain if and how a land trust can benefit you.
In general, there are both asset protection and estate planning benefits to titling property in a land trust. They include:
- Privacy – The true owner of a property in a land trust is not easily discovered because the trust agreement is not a public record, and the Deed in Trust lists the corporate trustee as the owner.
- Protection from liens – Judgments against one of the owners of a property held in a land trust generally will not create a lien against property.
- Facilitate property transfers – When there are multiple owners, a sale or transfer of the property held in the trust is easier, as multiple deeds and releases are not required.
- Facilitate interest transfers – The interests of multiple owners can be easily adjusted in a land trust by simply adjusting the trust agreement.
- Avoiding probate – Upon the death of a beneficiary, the property passes to subsequent beneficiaries immediately.
Our firm can assist you in creating a land trust for your property. We are skilled in preparing the necessary trust agreements and Deeds in Trust. We will make sure all legal documents are properly filed.
To learn more about private land trusts, contact us at 630-780-1034 for a consultation. We will explain this and other asset protection strategies and how they apply to your specific circumstances. Our firm serves clients in Northern Illinois including Will, DuPage, Kane, and Kendall Counties.