How Do Land Trusts Protect First Responders?

 Posted on August 21,2024 in Real Estate Legacy Planning

First responders regularly face danger. Police officers risk being violently injured, firefighters risk their lives battling flames, and paramedics are often the first on the scene of a terror attack or violent crime. Sometimes, first responders are involved in high-profile incidents that can leave them open to uncomfortable scrutiny or further danger.

One of the legal tools that can offer a degree of protection to first responders is a land trust. This is like other trusts except it is specifically designed for real estate. In this article, we will dive into the specifics of a land trust and how it can help first responders. To learn more or to set up a land trust, consult an experienced Illinois estate planning attorney.

What Is a Land Trust?

A land trust is an estate-planning tool for real estate. You can place land, titles, and mortgages in a land trust, which then assumes ownership of those assets. Because it is a revocable trust, you can continue to access the assets and make changes to the entity.

Like all trusts, land trusts involve three people:

• Guarantor: The person who placed the asset in the trust
• Trustee: The person who is in charge of managing the trust and its assets, which can include managing property
• Beneficiary: The person who benefits from the trust

Types of Land Trusts

There are two main types of land trusts:

• Illinois land trust: Also referred to as a title-holding trust, this allows the grantor to maintain total control of the land or other assets while remaining anonymous. 
• Conservation land trust: Land is usually placed into a conservation land trust for environmental purposes. This usually means that some rights to the land are forfeited in order to preserve it.

How Can an Illinois Land Trust Benefit First Responders?

An Illinois land trust offers several benefits to first responders:

• Anonymity: When real estate is placed in an Illinois land trust, it allows the grantor to remain anonymous. This offers a degree of privacy to first responders like police officers who may face threats or other unwanted attention. They can live at home without their names appearing in title searches for the property.
• Estate planning: Because first responders are at a higher risk of serious injury than other professions, they also face a risk of becoming incapacitated. Placing real estate assets in a land trust ensures that they will continue to be managed by a trustee.
• Asset protection and ownership: First responders also face a higher probability of death. A land trust allows them to properly protect their assets and transfer ownership to a loved one in that event.

Contact a Kendall County, IL Land Trust Attorney

A land trust is a great tool that allows first responders to protect their assets and their privacy. Hire an experienced Yorkville, IL land trust lawyer to make sure your land trust is set up correctly. At Gateville Law Firm, our extensive experience in both law and real estate helps us provide our clients with excellent legal services. Call 630-780-1034 to schedule a free consultation today.