Illinois Land Trusts—in Wyoming?!? Yes!

by Norris Law Group on September 22, 2014

Illinois Land Trusts—in Wyoming?!? Yes!Wyoming has adopted a method of real estate ownership that originated thousands of miles away in the Prairie State of Illinois. This construct is known as an “Illinois Land Trust,” and it may provide a number of benefits to land owners.

According to the State of Illinois, an Illinois Land Trust “…is an arrangement by which the recorded title to the real estate is held by a trustee, but all the rights and conveniences of ownership are exercised by the beneficial owner (beneficiary) whose interest is not disclosed.” In short, property in an Illinois Land Trust is considered to be personal property rather than real property—much like a car or jewelry—making it much easier to buy and sell without all the “hassles” of a real estate transaction.  The transfer of a deed is not necessary. This type of land trust is now available to residents of Wyoming as well.

Benefits of an Illinois Land Trust in Wyoming

  1. Privacy of Ownership: The identity of the trustee of a land trust is not disclosed publicly.
  1. Protection for the Owner(s): A land trust may be particularly useful if property is owned by more than one person.  Property is held in a land trust is exempt from judgments against one of the beneficiaries. In other words, a judgment would not result in a lien on the property held in the trust, which could ultimately result in problems if the property were to be sold in the future.
  1. Succession and Ownership:Under a land trust, the trustee may retain sole ownership and control over the property during his or her lifetime, while avoiding probate proceedings upon that trustee’s death. This may be helpful for property owners who live in one state but own real estate in another state.
  1. Ease of Conveyance: Property in a land trust may be mortgaged, sold, or transferred without the normal need for transfer of deeds and the involvement of beneficiaries (and their spouses). This can be helpful for property owners who own properties throughout the country.
  1. Disposing of Part Interest:  Land trusts make it easier to dispose of a part interest in a property since no deed is necessary. The grantor’s spouse does not have to meet the formal requirements concerning acknowledgment, recording, and joinder—but the transfer of the property may be subject to a transfer tax.

A skilled attorney can help you set up a land trust in Wyoming. Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho, and are experienced in setting up Wyoming land trusts. Contact them today at 801-932-1238 or online for a free consultation.

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