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In Illinois, can you convey title of real estate to the name of the revocable/irrevocable trust?

Chicago, IL |

I just learned that in some states you can't transfer title to a trust, it musts be to the "Trustee, of XYZ Trust dated yy/yy/yyyy" MY QUESTION: In Illinois, can't we just convey title to "XYZ Trust" ? Or does it like other states? In other words, does title have to be transferred to the Trustee and not the Trusts itself or Can it be "XYZ Trust" or does it have to be "XYZ irrevocable trust dated ..." (for example)?

Attorney Answers 5

Posted

Illinois has no rules restricting transfer to "XYZ Trust" even though as a real estate attorney my view and counsel is that it is the trustee whose name should be used because it is the trustee under the trust agreement who has the power to hold title on behalf of the trust and the way most trusts are drafted the trust itself does not have its "own" power to hold title as such, and every institutional land trustee handles it this way, but many "private" trusts want complete anonymity and insist on the trust name only. Either way, ultimately the issue will be proving to a title insurance company that YOUR "XYZ Trust" is the titleholder will be at stake in a sale or other transaction. In my opinion naming only the trust creates the possibility for fraud or mistake.

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Asker

Posted

great answer. A concern that would come up is for asset protection in an irrevocable trust in that could a creditor say a transfer made years ago doesn't count because the deed isn't to the trustee.

Posted

You really need to hire an attorney to prepare a deed in trust to make sure it is done propeprly. The cost should be minimal and well worth it for the peace of mind.

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Asker

Posted

I DID!! I'm trying to find out if he did it correctly. Cut and Paste "Hire an Attorney" is NOT an answer!

Asker

Posted

Let's actually add to this discussion and come to a conclusion so we can all advise our clients better.

Judy A. Goldstein

Judy A. Goldstein

Posted

This forum is not for discussion. It is Q&A. If you don't like the answer, fine. If you are an attorney, which you imply by hinting you have client,s, then why are you asking questions? You have an attorney. If you are unsure of your attorney, go pay someone for a second opinion. Shooting the messenger gets you nowhere.

Posted

Real Estate attorneys spend a lot of time fixing incorrect deeds, especially deeds into trust. There are several ways that the language may appear or should appear in the deed, but the first step would be to review the language of a trust. As stated above, the cost to have an attorney prepare the deed is minimal and would prevent any inadvertent mistakes.

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Posted

Title to the real estate should be held by the trustee. The recorder would allow you to record a deed to XYZ Trust but that does not mean that is how title should be held. I agree with the attorney's who answered before me that you should have an attorney prepare the deed. Attorney's generally prepare deeds for a very reasonable fee.

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Posted

You should contact an estate planning attorney to assist you in preparing the appropriate deed into trust. This will ensure that the property is accurately titled.

Cynthia E. Garcia is licensed to practice law in the State of Illinois only. No response to any posted inquiry should be deemed to constitute legal advice or create an attorney/client or other contractual relationship.

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