Reposting 2 questions about land trusts and deeds - Posted by Craig (IL)
Posted by Craig (IL) on September 03, 2003 at 20:57:11:
Didn’t get any response earlier, so I’ll try again. I’d really like input:
My first question is about land trusts. I have studied land trusts and now write my own. I like the inexpense and the ability to word my trusts the way I want. I appreciate that I am in Illinois, the home of the land trust, and generally land trusts are as tight as a drum here. In a very public case here two years ago the State government spent a bundle in the courts trying to break through a trust barrier?they lost.
Nonetheless, my methods have not been tried in court yet. I’d like to find out her rather than get bad news after litigation some day. I don’t have a partner, and don’t intent to have one in the future. What I am doing is assigning my S-corporation as Trustee, with me, personally a Beneficiary. My corporation has a paperwork trail for this operation. One problem, maybe, is that my name is all over the recorded document. County recorders require (can they?) the name of a person, not a corporation as having written the document; my address is also listed as where to send tax bills, another requirement. I sign the recording document as ?trust officer (T.O.)?
My first question is would my trust this hold up in court? What protection do I have?
My second question concerns Special and Warranty deeds which I use when selling regarding the phrase: ?by from or under him, her, them or any of them? in the warranty clause. My training is that this makes a deed in effect a Special Warranty deed even if the document were titled ?Warranty Deed? I haven’t done this yet, but I am considering adding it to my Warranty Deeds when selling. Am I correct in my understanding of the clause? Additionally, am I doing anything devious? Illegal? What would be the effect in litigation?