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As an Attorney, How Do I...

Establish a New Land Trust?
The following is a basic explanation of setting up a land trust. Please contact our office if you need assistance.

A trust number should be reserved. This can be done over the phone by calling our Land Trust Department at 1-773-594-5900. Please be prepared to provide the following information:

  1. Property address
  2. Type of property
  3. Value of property
  4. Name and phone number of the attorney of record

Along with a number, you will be given a quote of your acceptance and annual fees.

The Trust Agreement must be drafted and executed by all beneficiaries and parties with of direction. The Trust Agreement and W9, along with a copy of a government issued picture identification for each beneficiary and power of direction holder, should be submitted to Bank of Bourbonnais on behalf of First Nations Bank Trust Department for acceptance.

You must also draft and record a Deed in Trust (Warranty Deed or Quit Claim) at the recorder’s office in the county in which the property is located.

Trust Agreement including W9 and Deed in Trust forms can be downloaded from this website or can be faxed to you by our Land Trust Department. Please contact them at the number listed above.

If the beneficiary is an entity you will need one of the following:

Tax bills can be sent directly to the owner or to us. If sent to us there is a nominal tax bill forwarding fee for this service. Tax bills should be addressed as follows:

First Nations Bank (insert your trust number)
Your address
Your city, state zip

or

First Nations Bank (insert your trust number)
7757 W. Devon Ave.
Chicago, IL 60631

If you have any questions, please contact our Land Trust Department 1-773-594-5900.

Amend an Existing Trust – Contingent Beneficiaries?

  1. Download and complete the Amendment of the Contingent Beneficial Interest.
  2. Have this form signed by the beneficiary.
  3. Send the original signed amendment to First Nations Bank for acceptance.

Amend an Existing Trust – Assignment of Beneficial Interest?

  1. Download and complete the Assignment form and W9 .
  2. The current and new beneficiaries sign the assignment and the new beneficiary signs the W9 .
  3. Download and complete the Facsimile Assignment of Beneficial Interest to indicate whether the transaction is subject to a transfer tax. If the transaction is exempt and the property is located outside of Cook , you do NOT need to record it .  If the property is in Cook County, you must record the facsimile. 
  4. Send the original assignment, recorded facsimile assignment (if applicable), W9, and copy of state ID to First Nations Bank Land Trust for acceptance.

Close a Trust / Transfer Property Out of a Land Trust?

  1. Call us 1-773-594-5900 to verify fees and signature requirements .
  2. Download and complete the Direction to Convey.
  3. Have this form signed by the beneficiary or holder direction if different than the beneficiary .
  4. Send the original signed Direction to Convey form and the fees to First Nations Bank Land Trust office. We will prepare the deed and related documents according to the direction.

HELPFUL HINTS

  • Direction to Execute Form
  • Property located in Cook County must have a recorded facsimile assignment when lodging an assignment or collateral assignment with the trust.
  • Property located in the city of Chicago must obtain a water certificate in order to record a facsimile assignment or deed. Be sure to obtain any applicable transfer or exempt stamps from the municipality where the property is located.
  • Property located in the city of Chicago must complete MyDec when recording a facsimile or deed.
  • Your documents can be emailed to us at carol.beard@fnbwbank.com for review before being formally submitted. Please include your contact information.