Legal Question in Real Estate Law in Illinois
When creating a trust, is the method of transferring a home into the trust is by utilizing the deed transfer ?
Asked on 7/12/11, 12:50 pm
2 Answers from Attorneys
Burton Padove
Indiana and Illinois Lawyer, Burton A. Padove
Based on the information provided and assuming that the property is not in a land trust, the answer is yes.
Answered on 7/12/11, 2:54 pm
Following up Mr. Padove's lead, it also depends on the kind of trust. If it is an Illinois land trust, you are going to have to use the land trustee's form, like Chicago Title. If it is to something like a "living trust" as some call it, you still have to use a special form of deed that identifies the grantee as a trustee and provides for the trustee's powers.
Answered on 7/12/11, 5:13 pm
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