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Set up an Illinois land trust with this ready-made Trust Agreement. A land trust is a method of real estate ownership in which a trustee holds legal title to real estate, while the trust's beneficiaries have full power to dispose of the property and complete control over its management. The beneficiaries' rights and powers pass to their executors upon their death, and do not form part of their estate. The beneficiaries have the right to revoke, alter or amend the trust agreement on written notice to the trustee. The beneficiaries are responsible for filing tax reports and paying all real estate taxes and charges on the property. This Illinois Land Trust Agreement is provided in MS Word format and is fully editable.