• Trust Property and real estate transfers - a new Illinois law for 2017

    December 21, 2016 | Blog
  • Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee.

    There are two new rules regarding the transfer of property to trust.
    (1) The transfer of real property to a trust requires a
    transfer of legal title to the trustee evidenced by a written
    instrument of conveyance and acceptance by the trustee.
    (2) If the transferor is a trustee of the trust, an
    interest in real property does not become trust property unless
    the instrument of conveyance is recorded in the office of the
    recorder of the county in which the property is located.