assignment of beneficial interest land trust

• Click Here to Download Your Free eBook Now!

Assignment and Transfer of Beneficial Interest In A Land Trust

I took your course some years back.  All the names below are just examples.  What goes in the ????? area?

ASSIGNMENT AND TRANSFER OF BENEFICIAL INTEREST IN LAND TRUST

Joseph A. Seller, the undersigned, being the owner(s) of 100% of the beneficial interest in a Land Trust created pursuant to a Trust Agreement dated December 18, 2019 and known as Palm Trust which names Marcos Helper as the Trustee, hereby assign, transfer, and convey 100%  of our interest of the beneficial interest in said Land Trust over and unto Dream Properties LLC., and hereafter, subject Land Trust and _____????????_____________shall be entitled to all of the rights of the beneficial owner and shall be required to perform all of the duties and meet all of the obligations of the beneficial owner of said Land Trust.

It is also acknowledged that the power of direction is held as follows:

Joseph A. Seller   –                       100%

Hereafter the power of direction shall be held as follows:

Dream Properties LLC.   –   100%

Dated this 18th day of December, 2019.

____________________________

Joseph A. Seller, Beneficiary

Marcos Helper, Trustee

ACCEPTANCE OF ASSIGNMENT

The undersigned, Marcos Helper, hereby accepts the above assignment, and agrees to be bound by the terms, covenants and conditions of said Trust Agreement.

Dated this 18th day of December, 2019

__________??????????______________________

THIS DOCUMENT IS NOT REQUIRED TO BE RECORDED IN ANY COUNTY RECORDER’S OFFICE

Joe, the first blank is for the name of the new beneficiary

Recent Posts

• Elvis, Graceland, and Land Trusts
• Revocable vs Irrevocable Trusts
• Can You Use a Land Trust for Your Primary Residence?
• Saving the Family Farm Using Land Trusts
• Comprehensive Guide to Buying and Managing an Investment Property

Recent Comments

• December 2023
• October 2023
• September 2023
• August 2023
• February 2023
• December 2022
• November 2022
• October 2022
• September 2022
• August 2022
• February 2022
• December 2021
• November 2021
• September 2021
• August 2021
• February 2021
• December 2020
• November 2020
• October 2020
• September 2020
• August 2020
• February 2020
• November 2019
• February 2019
• January 2019
• December 2018
• September 2016
• February 2016
• December 2015
• November 2013
• Land Trust University Newsletter
• Public Blog Posts
• Entries feed
• Comments feed
• WordPress.org

Sales & Support

• Affiliate Disclosure
• Return Policy
• Privacy Policy
• About Mr. Land Trust®
• Mr. Land Trust’s® Calendar

Land Trust Education

• Land Trusts
• Lease Options
• Ask Mr. Land Trust®
• Free Land Trust Course
• Frequently Asked Questions

Land Trusts Help

Land trust questions, insert/edit link.

Enter the destination URL

Or link to existing content

• 210-468-1831
• Write Your Review!

Land trust with assignment of beneficial Interests

• protects your privacy, avoids probate court costs after death,
• names beneficiaries and a trustee to uphold any income allocation to the beneficiaries as needed,
• transferable to new beneficiaries easily, without having public record,
• facilitates multiple ownerships for clear and easy division, and, helps you retain seniors’ exemptions.

More about Land Trusts:

• Why should I get a land trust for my estate?    
• How is having a land trust easier than just having a will?  

Table of Contents

When can i set up a land trust.

In most cases with multiple heirs, one or more of the heirs waives their rights to the property to avoid a disagreement. It is unfair that one of your children pays for the upkeep, taxes and other expenses associated with the property. Then when the property is sold, all your children expect to share the proceeds evenly. This usually makes tax payments go unpaid, and homes go into disrepair.

What are the benefits of doing a Land Trust?

Probate costs can range from several thousands of dollars to tens of thousands of dollars! It’s unfair to have one of your children pay this cost upfront, and then evenly divide the estate in it’s entirety. These types of disagreements can really split up family. With a trust, the trustee is obligated to distribute the proceeds from a sale evenly eliminating probate court costs.

There are a lot of benefits to having a land trust. One is anonymity. A lot of debt collectors and other interested parties such as business organizations interested in collecting on loans from a business etc. Cannot see who are the beneficiaries to the trust. It is not public information. Another reason is that after you pass, your heirs or beneficiaries will have to go through probate which is costly, from thousands to tens of thousands of dollars, and have waiting time during that process. With a land trust, your home is already transferred to them as owners upon your death, where they will avoid that costly probate process.

There is a trustee named, to carry out the details in the trust, and disburse assets along with other duties, and there are heirs which are further responsible for the property itself.

Debts are usually assigned to a person, an entity or placed as a lien or judgments on a home. No, debts are not usually assigned to land trusts, but some judgements can name the beneficiaries of a person as the parties being sued.

Other Services Related to Wills & Probate

Create a Valid Simple Will in Texas

Will’s and Estate Planning in Texas

Affidavit of heirship

Durable power of Attorney

Maas law firm, texas real estate attorney.

We are a San Antonio Real Estate Law firm that offers fixed fee rates for a variety of legal transaction services, including Owner Finance & Wraparound Closings, Foreclosures, Deeds & Releases, Real Estate Contracts, Title Issues & Judgments, Wills & Estates, Probate & Administration, & LLC Formations. If you need help assessing your case give our office a call.  

Victor has been doing real estate transactions as a lawyer since 2002 & as an investor himself since 2003. There are a lot of nuances with real estate & we hope that if you have any questions to contact us during regular business hours. Along with being a Real Estate Attorney, Victor is also a Real Estate Broker, making his expertise long standing & efficient.  

Fields marked with an * are required

Located on IH-10 Between Huebner & De Zavala off Woodstone: 11815 W IH-10 #107, San Antonio, TX 78230

• Get Directions Here

Q&A: Lender Considerations In Perfecting Security Interests in Illinois Land Trusts

• Share on Facebook
• Share on Twitter
• Share on Pinterest
• Share on LinkedIn
• Share on Tumblr
• Share on Reddit
• Share by Mail

Q:  What steps should a lender take to properly perfect lender’s security interest where the collateral for the loan is held in an Illinois land trust?

A:  In order to properly perfect a lender’s security interest in collateral held in an Illinois land trust, a lender should take a “collateral assignment” of the beneficial interest in the land trust (“ABI”). Since the beneficial interest in an Illinois land trust is personal property, the Illinois Uniform Commercial Code (“UCC”), 810 ILCS 5/9-314, provides that a security interest in the beneficial interest in an Illinois land trust may be perfected by control of the collateral pursuant to 810 ILCS 5/9-107.1, which control is accomplished by service of a Notice of Collateral Assignment on the land trustee and obtaining a written receipt from the land trustee. Many trustees of Illinois land trusts have a standard form for lender’s use in securing the collateral assignment of the beneficial interest in the land trust, and the land trustee will sign the completed collateral assignment form to acknowledge lender’s collateral assignment of the beneficial interest in the land trust.

Q: Should a lender file a UCC-1 financing statement to perfect its security interest in an ABI?

A: 810 ILCS 5/9-312 provides that perfection of a security interest in an ABI may be perfected by filing a UCC-1 financing statement, but filing a UCC-1 financing statement is not necessary to perfect a security interest in a collateral assignment of a beneficial interest in a land trust. Although 810 ILCS 5/9-312 does not require a lender to file a UCC-1 financing statement in order to perfect the lender’s security interest in the beneficial interest in an Illinois land trust, by filing a UCC-1 financing statement, a lender puts third parties on notice of lender’s security interest and better protects lender’s security interest against other parties which may claim a security interest down the road.

Q: What is the benefit of having a collateral assignment?

A:   With a collateral assignment in place, the trustee of the land trust is not able to transfer title to the property held in the land trust or otherwise mortgage or encumber the property held in the land trust without the written consent of lender, as collateral assignee.

In addition, the Illinois Mortgage Foreclosure Law (“IMFL”), 735 ILCS 5/15-1106(a)(3) provides that any collateral ABI may be foreclosed under the provisions of the IMFL; and 735 ILCS 5/15-1106(b) provides that a secured party under Article 9 of the UCC may elect to enforce its security interest in a foreclosure under the IMFL if the security interest was created by a collateral assignment of a beneficial interest in a land trust.

Q: What can a lender do to enhance security?

A:  As belt and suspenders, lenders should also require the land trustee to execute and deliver an original signed and notarized mortgage to be recorded against the real property in the county where the real property is located in order to put third parties on notice of lender’s security interest and to allow lender to foreclose out any subsequent liens on the real property.

This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

Locations in Illinois & Wisconsin

Chicago : 216 S Jefferson St, Suite 303, Chicago, IL 60661 • (312) 382-1600

Milwaukee: 250 E. Wisconsin Avenue, Suite 1800, Milwaukee, WI 53202 • (414) 276-4080

Pleasant Prairie: 10411 Corporate Dr, Pleasant Prairie, WI 53158 • (262) 857-1600

assignment of beneficial interest in land trust

Related documents.

Add this document to collection(s)

You can add this document to your study collection(s)

Add this document to saved

You can add this document to your saved list

Suggest us how to improve StudyLib

(For complaints, use another form )

Input it if you want to receive answer

What is a Conservation Easement?

A conservation easement protects private lands in perpetuity from land use development that could destroy or degrade a property’s agricultural, wildlife, biological, scenic, or recreational values.

Conservation easements must accomplish at least one of the following purposes: “retaining or protecting natural, scenic, or open-space values of real property, assuring its availability for agricultural, forest, recreational, or open-space use, protecting natural resources, maintaining or enhancing air or water quality, or preserving the historical, architectural, archaeological, or cultural aspects of real property.” ( see Idaho Code 55-2101 )

A conservation easement establishes a landowner’s vision and memorializes a commitment to the conservation of a property.  It’s a legal agreement a landowner makes with a land trust (and sometimes with a state or federal government agency) to achieve shared conservation goals. Agreements are voluntarily negotiated and recorded at the county courthouse. Conservation easements run with the land even if the property is sold. They are monitored (annually) by the land trust to oversee current (and future) landowners’ efforts to steward the land according to the terms of the agreement and if necessary, defend that vision into the future. Learn more .

Many landowners convey a conservation easement to a land trust to protect the land and keep the property whole and intact long after he or she has passed. Others donate their land for a beneficial tax implications. See information on some of the tax implications of a conservation easement here .

Every conservation easement agreement is unique. Not all conservation easements permit public access although some do. It’s a landowner’s decision that can be memorialized in an easement agreement.

Why forever?

The only way to permanently protect private lands is through a conservation easement. If you think about it, many land use decisions on private lands are also made in perpetuity. When a county or city planning and zoning body allow a 50-lot subdivision and the land fills with homes, that land will most likely continue to serve residential/commercial/industrial land use in perpetuity.

There are several reasons why conservation easements are forever.

Current landowners who donate or otherwise convey a conservation easement want assurances that their property will be protected not just through their lifetime, but beyond.

Federal law requires a conservation easement be held in perpetuity to qualify for federal income tax and estate tax benefits.

To protect the investment of funds in conservation. If conservation easement holders to be were granted tax deductions for term easements – regardless of the length of the terms – property owners could receive federal tax deductions each year on lands that were rising in value and then subdivide them and benefit again from the development of the same property after the term of the conservation easement expired.

Landowners can be compensated for retiring the development rights on their land.

A conservation easement donation can result in significant tax benefits, if it meets the requirements of federal law. It may lower your federal income tax, because you can claim the value of the easement as a tax-deductible charitable donation. See more info here .

The landowner still owns the property and can continue to produce crops, hay, livestock, timber and other commodities (as outlined in the easement agreement). Working lands can keep working.

The landowner can sell the property or pass it on to family or friends. Conservation easements run with the land, meaning that the original owner and all subsequent owners are bound by the terms of the easement.

The landowner’s private property isn’t taken off the tax roll (the landowner continues to pay property taxes.

The landowner can - but is not required to - grant public access.

Lands with public access easements provide opportunities for people to experience many types of recreational benefits.

For landowners interested in conservation easements, it’s important to note that easement values vary greatly. Generally, the highest easement values result from very restrictive conservation easements on tracts of developable land under intense development pressure.