Legal Question in Wills and Trusts in Illinois
when my mom was alive, she had a substancial amount of money invested in a bank of which they invested for her so that she could live on the interest made without touching the principle. When she passed away I inherited her estate which include her investments. She set up her will so that I would draw from the same investments a her. Only problem, when she was alive she could also draw from her principle of which I can not. Thats the way she set it up for me. Can I have this changed even tho she had it in her will that I could only receive from the interest? The bank is the trustee.
3 Answers from Attorneys
You cannot have the terms of the trust changed. This is the way your mom had her estate planning documents drafted, and these terms were her desires.
Mr. Labovitz' answer is true in a literal sense, i.e. you alone cannot change the terms of the trust. However, there are various ways to increase your access to the trust. All of them require participation by the trustee or the court but if you want to explore how you may open up your access to the trust please call me. You can find my phone number at www.legacylaws.com. The Illinios Trustees Act provides at least two probably three ways to help you achieve your objective. I would have to begin with a detailed reading of the trust document itself. I would like to help you with this.
There are various routes which can be attempted to increase your access to funds. Your first step is a close examination of the Trust instrument by an attorney who you have hired to represent your interests. Feel free to give me a call to discuss this. I will not charge for the phone call.
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