Legal Question in Family Law in Illinois
My mother died in Oct. 2013in Illinois. My sister was named Trustee of the living trust and my two brothers, sister and I are the beneficiaries. A condo my sister has lived in for 20 years was left to the four of us. Can we compel her to pay rent? Is it a breach of duty, as Trustee for her to refuse?
1 Answer from Attorneys
She is a conflict of interest if she is not paying fair market rental for the unit, meaning she has a fiduciary obligation to either rent or sell the unit depending on market conditions and the terms of the trust...and if 4 of you own it and she is solely occupying it, she is effectively a month-to-month tenant and the other 3 of you are entitled to 75% of the net rental income. However, if she is properly accounting for income and expenses on the condo and fair market rent equals the taxes, insurance, upkeep, expenses....that an owner normally would be required to undertake, it could be that there is nothing left over.... But under Illinois law you do have the right to an accounting as well. Use an attorney to be the "bad cop" here.