assignment and transfer of beneficial interest in land trust

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Forms & Links

Land trust forms, important information regarding procedures for opening a new account.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for our customers: when you open an account, we will ask you for your legal name, address, date of birth, and other information that will allow us to identify you. We will also ask for a copy of your driver’s license or other identifying information.

We are taking this action to further protect your property from fraud and identity theft.

We will be able to notarize land trust forms signed in our presence in one of our 6 land trust offices: Chicago, Lisle, Oak Park, Orland Park, Rolling Meadows, and Skokie.

Additionally, we can offer mobile notary services to you for an additional separate fee.

Below are forms in PDF format regarding land trusts that do not necessarily require the assistance of an attorney. These forms are now interactive and can be saved with the information that you entered.

If you have any questions about our forms or other land trust matters, please contact your attorney or our Customer Service Unit toll-free at 888-878-7856 .

These forms are provided for your convenience. As with any legal document, you may wish to consult with an attorney to be certain that your objectives are being met.

Acceptance of Transfer of Beneficial Interest and Ratification (W-9)

When the primary beneficiary dies, changes beneficial interest in the trust from the deceased to the contingent beneficiary(s).

Amendment of the Contingent Beneficial Interest

Changes contingent beneficiary(s). The contingent beneficiary is the person(s) designated to inherit the beneficial interest upon the death of the primary beneficiary.

Amendment of the Power of Direction (W-9)

Used to change the party(s) who has power of direction.

Assignment of the Beneficial Interest (W-9)

Used by current beneficiary to make changes to the beneficial interest by assigning all or part of the beneficial interest in the trust to another party(s).

Corporate Resolutions

Required when the beneficiary is a corporation.

Deed in Trust - Quit Claim

Transfers property into the land trust. Typically used when property has already been purchased.

Deed in Trust - Warranty

Transfers property into the land trust. Typically used when purchasing the property directly into the trust.

Direction to Convey

Used to request issuance of a deed when property is being transferred out of the trust.

Facsimile Assignment of Beneficial Interest

Must be provided to trustee prior to trustee acknowledging the Assignment of Beneficial Interest or Collateral Assignment of Beneficial Interest. Cook County is the only county that requires the Facsimile Assignment of Beneficial Interest to be recorded for all outright and collateral assignments. Transactions with consideration of $100 or more require recording in all counties.

Grantor/Grantee Statement

The grantor-grantee statement is used in connection with the recording of a deed or facsimile in Cook County. This form is only used when the recording is exempt from the payment of transfer taxes. The grantor/beneficiary should execute this document as both Grantor and as Grantee. Chicago Title Land Trust Company does not sign as either.

Letter of Direction

Authorization by the party(s) having power of direction to execute documents. This form is not used to request a deed (Direction to Convey).

Limited Liability Company Certificate

Required when the beneficiary is an LLC.

Notary Addendum

Used to notarize documents where there is no notary block.

Partnership Certificate

Required when the beneficiary is a partnership.

Release of Collateral Assignment/Irrevocable Right to Approve/Agreement to Notify

Removes requirements for additional signatures or notifications.

Tax Bill Change Form

Used to notify us to change how county tax bills should be addressed.

Tenancy by the Entirety Affidavit

Required when the beneficial interest is held as tenants by the entirety.

Tenancy by the Entirety Affidavit (Parties to a Civil Union)

Trust agreement (w-9).

Used to create the trust and it terms with the trustee.

Patriot Act information disclosure. Prior to opening an account and any addition of a beneficiary/power of direction holder, Chicago Title Land Trust Company is required to obtain proper identification of each customer.

Additional Information

Suggested beneficial interest designations.

Sample phrasing for establishing the beneficial interest and the contingent beneficial interest in the trust.

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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

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IMAGES

(PRINTABLE) Assignment Of Beneficial Interest In Trust
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Sample Trust Assignment Of Beneficial Interest Template Form
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