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Land Trust

A land trust can be used for this purpose. The trust is originated by the owner of the real property. The legal and equitable title to the property is in the trustee's name under a deed in trust. The beneficial interest in the trust property is in the beneficiary, who is usually the trustor (the person who established the trust). Generally only living persons can create a trust, but corporations as well as living persons can be beneficiaries. The beneficiary has the rights to the possession, income and proceeds of sale of such property.

Under a land trust agreement, the trustee deals with the property only upon the written direction of the beneficiary. A land trust generally continues for a definite term, such as 20 years. At the expiration of the term, if the beneficiary does not extend the trust term, the trustee is usually obligated to sell the real estate and to return the net proceeds of the sale to the beneficiary