In a previous article (Key Benefits of Land Trusts for Home Owners) we discussed the many advantages of owning your home in a land trust.
Many homeowners have a Power of Attorney (POA), whereby they designate a trusted individual to act on their behalf, which can apply whether or not the homeowner is incapacitated, or can be limited to circumstances where they should be unable to do so due to health or other reasons. If you are interested in the idea of a land trust but have concerns as to whether your POA will remain effective once you are a beneficiary of a land trust, you need not worry. Your POA, if properly drafted, will continue to remain in place and will allow the holder of the POA to direct the trustee of your land trust.
If you are interested in owning your property in a land trust, preparing a Power of Attorney or have additional questions, please contact our real estate attorneys at (312) 261-0771. Our office can assist you in all aspects of land trust creation.