Larry O. Brockman, Attorney at Law
Larry O. Brockman
Attorney at Law
Sole Practitioner Location: Swansea, Illinois
Land Trusts
A land trust is a unique and popular creation of Illinois law.
A land trust is a form of ownership in which a trustee holds title to property for the benefit of its true owner, but has limited powers. The effect of a land trust is to convert the beneficiary's interest in "real property" into "personal property".
This also allows the true owner of the property to have confidential ownership. There are two basic requirements of a land trust, a deed conveying the property into trust and a trust agreement.
The trust agreement defines the rights and duties of the trustee and beneficiaries. While the beneficial interest holder's
interest is considered "personal property", the legal title is held by the trustee with the beneficiaries having the following
rights:
1. Management and control of the real property
2. Possession of the real property
3. Receipt and disposition of any proceeds from rentals or sale
4. Powers to direct the trustee to convey the property
5. Appoint another trustee (in writing) to exercise these powers
A land trust may be an excellent method to hold real property.
The law office of Larry O. Brockman Ltd. has extensive experience in advising clients in land trust matters.
Larry O. Brockman, Ltd.5 Executive Woods Court
Swansea, IL 62226
Phone: 618-233-5052
Fax: 618-233-5396
