Land Trust Attorneys

Real Estate Land Trust

At Otte & Czajkowska, LLC, we offer a full range of estate planning services to clients throughout Chicago's northwest side. Our experienced lawyers provide assistance with wills, powers of attorney, and all types of trusts, including land trusts. While land trusts are not available to residents in most other states, Illinois law allows land trusts to be used to protect and transfer real estate interests in certain situations.

What Is a Land Trust?

Like all trusts, a land trust is a formal, written arrangement in which a person places assets under the care of a trustee for the benefit of the named beneficiary. With a land trust, the assets must be real estate holdings. The original property owner transfers ownership to the trust and names another party, typically a holding company or a bank, to serve as the trustee. The original owner is usually named the primary beneficiary for the remainder of his or her life. Upon the original owner's death, ownership of the property may be transferred to new or contingent beneficiaries.

In creating a land trust, there are several important steps that must be taken. First, your attorney will help you draft a trust agreement which spells out the details of your arrangement. Next, a Deed in Trust will need to be drafted, signed, and recorded with the Register of Deeds in your county. The Deed in Trust identifies the property and confirms that the property is now owned by the trust. Finally, you will need to file your trust agreement with your trustee and pay all necessary fees.

Reliable Elmwood Park Trust Lawyers

The skilled attorneys at Otte & Czajkowska, LLC realize that land trusts can offer substantial benefits when used properly. Because a land trust transfers ownership out of the name of the original owner, the arrangement can be used to protect the property from creditors, liens, and even liability. When used for estate planning purposes, land trusts also streamline the transfer of ownership to successor beneficiaries by allowing the property to be transferred outside of probate with increased privacy. We can help you determine if a land trust is right for your unique situation.

Attorneys Who Care in Norridge

Attorneys Michael A. Otte and Izabela Czajkowska took over the law firm that was formerly Chester M. Przybylo & Associates with the goal of continuing to provide quality legal services to clients in and around the Jefferson Park neighborhood of Chicago. As a smaller firm, we understand the importance of getting to know our clients and treating them with respect and dignity at all times. By doing so, we are able to fully understand their needs, values, and long-term goals and to recommend the right estate planning tools.

We also offer Polish-language estate planning and elder law services. Our firm is one of very few to have a Polish-speaking lawyer on staff, giving us the ability to help Polish-speaking individuals and families address their estate and elder law legal concerns.

Call 773-631-7100 Today

If you have additional questions about land trusts or any other estate planning tools, contact our office. Call 773-631-7100 to schedule a confidential consultation with a member of our team today. Otte & Czajkowska, LLC serves clients in Jefferson Park, Elmwood Park, Niles, Norridge, Morton Grove, Harwood Heights, Lincolnwood, Edgebrook, Edison Park, Glenview, Des Plaines, and throughout Chicago's northwest side.