Illinois Land Trust Agreement
Draw up a Land Trust Agreement for land in Illinois with this downloadable template.
- A land trust is a method of real estate ownership in which a trustee holds legal title to the real estate.
- The trust's beneficiaries have full power to dispose of the property and complete control over its management.
- The beneficiaries' rights and powers pass to their executors upon their death, and do not form part of their estate.
- The beneficiaries have the right to revoke, alter or amend the trust agreement on written notice to the trustee.
- The beneficiaries are responsible for filing tax reports and paying all real estate taxes and charges on the property.
- Intended for use only in the State of Illinois.
Last Updated: 31-August-2021