Legal Question in Wills and Trusts in Illinois
Dissolving Illinois Living Trust
My father passed away in '08 and all assets were held in his IL Living Trust, of which I am successor trustee and beneficiary. All expenses-medical and funeral have been paid and there is no pending litigation against or for the estate. Can I write a check from the checking account (I am an authorized signer on trust checking account) and open a stock account in my own name or must the trust name remain.? I am unclear how to dissolve the trust and if there are any rules regarding time that the trust can be in force after the death of the original trustee. I am trying to consolidate accts and earn some interest income. '08 Income tax will be filed under the issued TIN Number for the trust. Thanks in advance for your help.
2 Answers from Attorneys
Re: Dissolving Illinois Living Trust
The answer depends on the terms of the trust. If the trust provides or allows for outright distribution to you or withdrawal by you, then once you've paid the debts and expenses you can simply move the funds to yourself as beneficiary, and file appropriate income tax returns. Once all funds are distributed out from the trust, then it is effectively dissolved. But the question of whether that is the correct action depends on the trust's terms and you should have an attorney review the trust and advise you on what to do.
Re: Dissolving Illinois Living Trust
As Trustee you need to make a distinction between your duty to invest trust property and to distribute trust property. I would be happy to assist. A review of the terms of the trust is required.
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