REAL ESTATE Land Trust

[Shawn]

Hi,

we are purchasing a new home and our attorney has sold us on the idea of an Illinois Land Trust. Privacy is important to us, but once a utility bill is set up, people would know who lives there. So my question is does anyone here have experience with properties in trusts and what do you do with utilities? I was thinking of trying to set them up in the trusts name, just not sure if that would work. If not, maybe a dba name of that property address, or if not, a relative. Any ideas?

Thanks,
Shawn

 

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[Diane Kennedy]

Hi,

we are purchasing a new home and our attorney has sold us on the idea of an Illinois Land Trust. Privacy is important to us, but once a utility bill is set up, people would know who lives there. So my question is does anyone here have experience with properties in trusts and what do you do with utilities? I was thinking of trying to set them up in the trusts name, just not sure if that would work. If not, maybe a dba name of that property address, or if not, a relative. Any ideas?

Thanks,
Shawn

Just curious - what state is the new home in? IL Land Trusts don't work in all states.

 

[Shawn]

Sorry, yes Illinois.

 

[Megan H]

Hi Shawn,

If you are using an IL land trust, then the property will be titled in the name of the Trustee. So theoretically, the bills could be in the Trustee's name, too. It might cost more though - depends on who your Trustee is and what the scope of your agreement is.

Have you run this question by your attorney yet? If he/she is selling the LT package as a privacy vehicle, this would seem to be a reasonable (and frequently-asked) question.

Hope this helps,

Megan :seeya:

 

[Shawn]

Good point, thanks, I'll ask him about it.