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Should we apply a different record retention period to land trusts than we do to other types of trusts? – IBA Compliance Connection

Should we apply a different record retention period to land trusts than we do to other types of trusts?

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We are not aware of reasons to apply a different record retention period to land trust documents than you would to ordinary trust documents. The main legal difference between an ordinary trust and a land trust is that in an ordinary trust, there is a split between the legal title in the trustee and the equitable title in the beneficiary, while in an Illinois land trust, the trustee has both legal and equitable title. Levine v. Pascal, 94 Ill.App.2d 43, 50 (1st Dist. 1968). However, that difference would not affect the retention period for trust documents.