Monthly Archives: November 2006

What can't go in a living trust? Treasury Direct

Treasury Direct allows owners of treasury bills, bonds and savings bonds to hold everything in an on-line account without the hassle of the paper bonds or bills. The only problem is that accounts titled in the name of a living trust are not allowed, only individual accounts.

I often have clients with lots (thousands and thousands of dollars) of savings bonds. The only way to get the bonds into their living trust is to use for pdf 1851 to transfer the bonds to the living trust. All the bonds must be sent to the treasury main office and then the paper bonds are re-registered in the name of the trust. This is kind of an unnecessary hassle in this electronic age.

I would not suggest leaving more than $100,000.00 in a Treasury Direct account because it will cause a probate upon the account owner’s death. It really would be nice if they allowed living trusts to own these accounts.

The Illinois Deed Providers Controversy

I get several calls each month from clients saying they got a mailing from Illinois Deed Providers. The client asks: should I buy a copy of my deed for $79 from them? Illinois deed providers obtains a copy of the deed to your property from the county recorder’s office for you. It costs between $2 and $15 to get a copy of the deed, but they charge $79.

It is beneficial to have a copy of the deed, but not for $79. Channel Two News recently did a story on Illinois Deed Providers that said the service was not illegal, which is right, but that it’s misleading. Other bloggers have written about the service too.

Facts on deeds:

1. You get a copy of your deed at closing.

2. It does not mean that you don’t own your house if you don’t have the deed.

3. You can get a copy of Cook Co. deed from 1986 forward at

4. You can buy a copy at the other county recorders’ offices for the cost stated above.