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Land Trust |
Planning for the future should not be limited to saving money. Estate taxes, inheritance taxes, court costs and attorney fees are just some of the expenses and costs we face upon death. Proper estate
planning can reduce or eliminate expenses and taxes. West Suburban Bank's Land Trust Department has the qualified personnel to assist you in accomplishing these goals.
What is a Land Trust?
A Land Trust is a simple inexpensive method for handling the ownership of real property located in the State of Illinois. When a Land Trust is established, West Suburban Bank acts as Trustee for the benefit
of you, your spouse, your children or anyone else you may designate.
Who can set up a Land Trust?
A Land Trust can be created by anyone who has the legal capacity to enter into a contract. An individual, partnership, corporation or a group of individuals can establish a Land Trust for one or more pieces
of property.
How is a Land Trust set up?
Two primary documents are necessary to establish a Land Trust: a Trust Agreement and a Deed In Trust. An Environmental Risk Affidavit is also required. A Land Trust can be created for the property you
already own or for the property you intend to purchase. Additional property can be added to an established Land Trust at any time.
How does a Land Trust work?
Under the terms of the Trust Agreement, the beneficiaries retain complete control over all property in the Trust, in the same manner as if they owned the property in their individual capacities. The
beneficiaries can modify, amend or terminate the Trust at any time.
The West Suburban Bank Land Trust Department is located in our Westmore - Meyers Road facility, and has been serving our customers since 1969. Computerized
record keeping, along with our knowledgeable staff, allows West Suburban Bank to provide you with the best service available.
For any additional questions, concerns or to obtain the documents necessary to open a Land Trust, please call Christine Pawlak at (630) 652-2225. Let us know that you found us on the internet!
| West Suburban Bank, Member FDIC, Equal Housing Lender. | |  |
| Serving DuPage, Kane, Kendall and Will Counties, Illinois. |
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