A land trust is a legal agreement by which one individual, known as a trustee, is appointed to maintain the ownership of a piece of land for another, known as a beneficiary. Land trusts are used by a variety of organizations, such as nonprofit entities, corporations, and investment groups, as well as individuals who accumulate larger portions of land.
Having this legal agreement in place is often an excellent way to handle real estate ownership, and provides a wide range of benefits. Attorneys at Deadra Woods Stokes and Associates, P.C. have over 22 years of experience in the field and can help both organizations and individuals create land trusts that adequately meet their property management needs.
Some of the benefits that land trusts can provide individuals and entities include:
Privacy, as the trust agreement is not a matter of public record for everyone to see
Being protected from liens, as real estate titled in a trust name is not subject to liens against the beneficiary
Keeping matters, such as sale price and change of ownership a secret
Avoiding the probate process upon death
Giving you a better chance of avoiding lawsuits
In addition to the benefits listed above, there are a variety of other advantages that individuals and entities can enjoy from creating a land trust. Our Greater Chicago Area estate planning lawyers can guide you through the entire process as you enter into this contract, and ensure that you have a legal tool that may come in very useful in numerous situations. Take advantage of this helpful method to manage the property holdings that you currently have.
To schedule your initial consultation, call our Orland Park office today.