Land Trust

Simple, inexpensive ownership option provides privacy protection

A land trust is a legal agreement in which a property owner (or group of owners) transfers a property title to a trustee, but retains the freedom to develop, rent and sell the property. First American Bank can help you set up a trust that, among other advantages, allows the identity of property owners to remain private, the probate process to be avoided, and land ownership to be easily transferred. Currently, First American Bank offers land trust services through our Illinois land trust office only.

• Amendment of the Contingent Beneficial Interest
• Amendment of the Power of Direction
• Application for Land Trust
• Assignment
• Direction to Convey
• Facsimile Assignment of Beneficial Interest
• Instructions to Beneficiaries
• IRS Form W-9
• Letter of Direction
• Statement by the Grantor/Grantee
• Succession Affidavit
• Trust Agreement
• Warranty Deed in Trust

Successor trustees take over if the initially designated trustee can no longer carry out their responsibilities. First American Bank serves as successor land trustee to the following:

• First American Bank of Dundee
• First American Bank of Kane County
• First American Bank of Riverside
• First American Bank of Will County
• First Bank of Dundee
• First Bank of Meadowview
• FirstMerit Bank, N.A.
• Louis Joliet Bank and Trust Company
• Midwest Bank and Trust Company
• Midwest Trust Services, Inc.
• Old Orchard Bank and Trust Company
• Riverside National Bank
• Royal American Bank