Legal Question in Wills and Trusts in Illinois
When there is real estate held as part of a Living Trust and the Settlor dies, when does the Trust stop paying for said expenses associated with said real estate (repairs, upkeep, maintenance, taxes, assessments, etc.) and when does the recipient/beneficiary of the respective real estate start paying for them? Upon actual transfer of the applicable real estate?
2 Answers from Attorneys
It depends upon what the Trust documents say.
It does indeed depend on what the trust document says. We'd assume (but we could be mistaken, we'd have to check the trust document) the trust would pay for items incurred up to the date of death, and the beneficiary would pay for items after the property was distributed to him or her. The gap period between death and disposition is perhaps an expense of administration (a trust expense) or perhaps a charge against the property or perhaps a charge against the beneficiary. It probably also as a practical matter would be a function of how much cash there is available in and among the parties.
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