Illinois Land Trust. DIY Options and Attorney Representation

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Cognitive_Squeeze
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Illinois Land Trust. DIY Options and Attorney Representation

Post by Cognitive_Squeeze »

Hi there,

I started this research a week ago, so I have more research ahead. Our goal is to put two rental properties I hold under my name in a land trust, they are in Illinois. This is simply to avoid probate in the -long- future, the properties are under my name. I am married. There is so much bogus info out there about privacy and asset protection by using land trusts, it's incredible. It could help with those goals, but they overrate the benefits to sell asset protection packages.

It seems this could be a a fill-in-the-blank process for us, without an attorney. Can you recommend a few books? I will be the beneficiary, my wife the trustee. I am meeting with Albany Bank and Chicago Trust and Title to discuss. At some point, I can decide if I need an attorney and/or those companies.

Now, if I do the Land Trust and have to process an eviction. Do I need to bring an attorney to the court or can I represent myself?

Thanks,
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donall
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Re: Illinois Land Trust. DIY Options and Attorney Representation

Post by donall »

Why not an LLC?
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BolderBoy
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Re: Illinois Land Trust. DIY Options and Attorney Representation

Post by BolderBoy »

Tico_75 wrote: Tue Jun 19, 2018 1:24 pmThis is simply to avoid probate in the -long- future, the properties are under my name.
Why not use this method to avoid probate on those properties? http://www.ilga.gov/legislation/ilcs/il ... apterID=60

IANAL.
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Re: Illinois Land Trust. DIY Options and Attorney Representation

Post by abuss368 »

I was just reading about Florida Land Trusts. One can obtain the a copy of the act online. There are firms available that will assist with establishing. It is really related to providing additional privacy.
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Topic Author
Cognitive_Squeeze
Posts: 210
Joined: Thu Jan 08, 2015 4:36 pm

Re: Illinois Land Trust. DIY Options and Attorney Representation

Post by Cognitive_Squeeze »

donall wrote: Tue Jun 19, 2018 6:16 pm Why not an LLC?
I'm considering that as well. One can create the LT, then, after that transfer title to a LLC and not record it to avoid triggering the due-on-sale clause on the encumbered property. I'm getting a mortgage on the other property and don't want a commercial rate under a LLC.

If I used a LLC I may need an attorney for other things related to the properties. As, I said, in still researching. I want to keep it simple.
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Topic Author
Cognitive_Squeeze
Posts: 210
Joined: Thu Jan 08, 2015 4:36 pm

Re: Illinois Land Trust. DIY Options and Attorney Representation

Post by Cognitive_Squeeze »

BolderBoy wrote: Tue Jun 19, 2018 8:28 pm
Tico_75 wrote: Tue Jun 19, 2018 1:24 pmThis is simply to avoid probate in the -long- future, the properties are under my name.
Why not use this method to avoid probate on those properties? http://www.ilga.gov/legislation/ilcs/il ... apterID=60

IANAL.

But of course! Thanks.
"Check ID" is my actual signature.
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