A land trust is a unique package of benefits that offers real estate owners the advantage of ownership without many of the problems and complications that usually go along with it.
Land Trusts provide you, the Beneficiary, all of the rights and conveniences of ownership while State Bank of Countryside, as Trustee, assumes legal and equitable title to the real estate. When title to real estate is held in land trust, the interest of the Beneficiary is considered personal property. The beneficial interest can be sold, pledged or assigned without the formality of a recorded deed. The Beneficiary may retain all of the management rights and responsibilities, while the Trustee executes the administrative duties upon the written direction of the Beneficiary.
The Beneficiary of a land trust can retain control over the property during his or her lifetime with the succession of ownership effective upon death. This often avoids the expense of probate proceedings.
For more information on Land Trusts, please call 708-485-9920.