Legal Question in Wills and Trusts in Illinois

Re: 3 benifactors of house in Illinois Trust

Unfortunately, each beneficiary of an Illinois Land Trust has a veto under applicable Illinois case law. Unlike a tenancy in common, no beneficiary can sue for partition, which is a lawsuit to have a court-supervised sale of the property.

This is why I don't use them any more. If any of you are occupying the real estate, rent has to be paid to the other beneficiaries.

However, you all have to agree in order to sell the property. And, typical Illinois land trusts are written to expire every twenty years, but most banks try to automatically renew them.

From time to time, legislation has been proposed to attempt to rectify this situation. However, the land trustees (banks) like their annual fee, and have lobbied against correcting this result.

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Re: 3 benifactors of house in Illinois Trust

I will assume that the person who left the house to the 3 of you is dead. You may have to file a partition suit. Then you can either force a sale, or have him buy you out. Please call if you wish to discuss this further.

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