Legal Question in Wills and Trusts in Illinois
I am a beneficiary of a trust. My sibling is the trustee and is expensing out most of the income from the trust on buildings, equipment, labor on the property (paid to himself), etc. The income is to be split 3 ways and I am receiving only 6% of my third. I understand that there will be some expenses for maintenance (it is a farm, but land is cash rented out), but the trustee informs me that we (meaning he and I) will have tax issues if I receive too much income. I believe that is my concern. He has also chosen to collect a trustee fee which is more than I receive for income for the year. He lives nearby the property and is benefiting from the improvements made to the buildings and equipment purchased. I was informed I can come work on the property and receive payment in that manner to supplement my income. I am a female and I am not inclined to do farm work to receive my share of the farm income. Is this allowable for the trustee to use up the income on the property and I get what is left ?
1 Answer from Attorneys
As a beneficiary you are entitled to whatever benefits are described in the trust. As trustee your brother has a fiduciary responsibility to manage the property in the trust to carry out the intentions of the trust in a fair manner without any unfair treatment of your interest and without any financial advantage to himself. A fiduciary has strict responsibility to manage the trust and to provide information, including accounting reports, to you as beneficiary. Advice: ask an attorney to review the trust details to determine your options and whether further action is advisable.
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