New Blog 1: Chicago Title Land Trust Forms

Monday 10 December 2012

Chicago Title Land Trust Forms

Trusts are the first line of defense to insulate yourself from the millions of lawsuits happening every year. Do you want protection from the contingency fee lawyer (and his deadbeat client) or would you rather have a bare knuckle fight with him without any defenses in place? Illinois Land Trust law and Massachusetts business trust law set the foundation for all other states to follow. This is the reason why most of these trusts today are referred to as, “Illinois TYPE Land Trusts.” See Hart v. Seymur, 147 Ill.598 (Ill. 1893). But, this does NOT mean that all of these are Illinois Trusts. Rather than drafting their own statutes, most states just model their laws after Illinois and Massachusetts. Thus, with the exception of Florida, Virginia, Texas, North Dakota, Indiana, Hawaii, Arizona, Ohio, and California: there is little statute law in any of the other states on which these kind of trusts can be based. Consequently, Land Trusts (or a similar form) are valid in all states. Pennysilvania and Michigan are states where this kind of trust usage is particularly problematic. If you want to use a Land Trust in these states, please call me first!