- Privacy of ownership
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- Estate Planning
- Ease of Conveyance
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.
Land Trust Frequently Asked Questions (FAQ)
- 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, limited liability company 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 holder of the power of direction has complete control over all property in the Trust. 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 More Information
For any additional questions, concerns or to obtain the documents necessary to open a Land Trust, please call Christine Pawlak at (630) 652-2225.