Legal Question in Wills and Trusts in Illinois
My mother passed away in Illinois with a vacation house in her trust that is left to 3 of 4 children, I am the successor trustee. Also a bank account (which will eventually be dispersed to all 4 children) was in the trust that I am using to pay the expenses on the vacation house while it is still titled in the trust. Even though both the account and the house are in the trust, is it legal to pay the expenses on the house from the trust bank account even though one child does not get a share of the house?
1 Answer from Attorneys
The answer to your question all depends on how the trust is written. It would seem that if the house and the bank account have different beneficiaries, then the bank assets should not be used to fund the upkeep on the house.
You will want to sit down with an attorney who can review the terms of the trust with you (are you in touch with the attorney who drafted it?) so that you know how to properly administer the trust and you do not expose yourself to fiduciary liability.
Once you understand what should be done, it may be an easy trust to administer, but with 4 different interests involved, as trustee you must be sure that everything is done correctly and impartially.
Let me know if I can assist.
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