Land Trust2
A Land Trust offers you, as an owner of property, a unique package of benefits that lets you enjoy all the advantages of ownership without some of the complexities. A Land Trust at First Midwest Bank makes real estate ownership simple. Here's how:
- Makes ownership a private matter.
- Reduces probate expenses by designating the percentage of ownership left to each successor beneficiary, bypassing the probate process.
- Allows you to use your signature alone for property documents, eliminating the need to have other joint owners sign on deeds, mortgages, leases, and other required documents.
- Reduces joint ownership risks such as faulty titles due to insanity, divorce, or co-owner's death.
- Reduces the paperwork associated with real estate sales, making the transfer of title a simple procedure.
- Avoids ancillary probate for out-of-state owners.
- Allows you to take tax deductions1 as a beneficiary. If you are a beneficiary of a Land Trust, you may receive a prorated portion of any allowed depreciation.
- Allows ownership interest to be assigned. You may use the equity as collateral for borrowing purposes.
Contact a First Midwest Trust Officer today if you would like to find out more about how our Land Trust services make managing real estate simple and easy.
Access Forms