Legal Question in Wills and Trusts in Illinois

My Mother in Law can not afford to pay her mortgage any longer. My husband and I are willing to take on the payments. My husbands brother cannot afford to help (there are only two sons). We want to draw up an agreement that allows us to take any money we have paid toward the mortgage out of any profit when she passes before the remaining profit is divided between the two brothers. Do we need a legal document for this drawn up by a lawyer or can a simple document signed by my Mother in Law and us work?

Would it be best to have his brother also sign it even if they are not really a party to the agreement? We live in Illinois and my Mother in Law in Florida. If we need an attorney - do we need one in Florida?


Asked on 12/18/10, 2:06 am

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

I would highly recommend having an attorney prepare any agreements. You should consult with an attorney licensed in the state where the property is located.

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Answered on 12/23/10, 6:59 am
Steve Raminiak Law Offices of Steve Raminiak, P.C.

Since your Mother-In-Law lives in Florida, and will presumably die as a resident of Florida, you should consult a Florida attorney.

In Illinois, transfers between family members are presumed to be gifts unless proven otherwise by clear and convincing evidence. This is a high standard, and it may be the same standard applied in Florida. However, it can be easily met be a well drafted agreement. It shouldn't be too expensive for an attorney to draft an agreement which will ensure that you will recover the money that you are lending.

To avoid potential litigation, it would be helpful to have your husband's brother sign this agreement, but I do not think it is absolutely necessary.

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Answered on 12/23/10, 7:15 am


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