Land Trusts

A land trust is a simple and inexpensive way to handle real estate. It is an arrangement under which title of record is handled by a "trustee," while all of the rights and conveniences of ownership are retained by the "beneficiary." 

THE PROPERTY MUST BE LOCATED IN ILLINOIS.

There are good reasons to open a land trust account at Seaway: 

IT ELIMINATES PROBATE EXPENSES AND DELAYS 

Once your property is in a trust that names contingent beneficiaries, it is no longer subject to probate upon your death. This fact alone can save your estate substantial expenses, not to mention the delay and hassle it will save your beneficiaries. 
IT PROVIDES PRIVACY OF OWNERSHIP
Just as you prefer not to broadcast the value of your stocks, bonds and savings, you may also wish for your real estate holdings to remain a private matter. With a land trust, the identity of the beneficiary is not a matter of public record.
IT SIMPLIFIES THE TRANSFER OF OWNERSHIP 
During your lifetime, your beneficial interest in a land trust may be transferred without the bother and expenses of preparing and recording a deed. This feature is also helpful when the real estate has several beneficiaries, since any portion of the beneficial interest can be transferred among the beneficiaries through a simple assignment, rather than by costly title and deed changes. After your death, the individuals whom you have chosen will automatically become the new beneficiaries of the real estate, again avoiding the costly and time-consuming probate process. 
IT ALLOWS YOU TO MAINTAIN COMPLETE CONTROL 
When you place a piece of real estate in a Seaway Bank land trust, title for that property passes to us as the “trustee.” You, as beneficiary of the trust, retain complete control of the property, managing, insuring, leasing, renting and/or selling it as you normally would. Acting as trustee, Seaway Bank is bound by law to follow your instructions completely, both during and after your lifetime.

Seaway is the only bank on Chicago's South Side to offer Land Trust services. 

For more information, call VANESSA WILLIAMS at (773) 602-4983 or email vanessawilliams@seawaybank.us.