Legal Question in Wills and Trusts in Illinois
required tax filing for co-trustee
My deceased mother had a Revocable Living Trust and made me co-trustee. I am to take care of the farm in the trust and to get and use the land rent to do this. She passed on May 6th. I have been told that I should file a K-1 to report rent income that came after she passsed. If the money is still in an account in the name of the trust and used to pay utlities and such at the house, do I need to claim it as income? Since I am co-trustee, doesn't the trust still exist?
Also, the trust is under my mom's SS # do I need to change that and get a tax I.D. #? What should I do from here? Thank you!
1 Answer from Attorneys
Re: required tax filing for co-trustee
All valid questions. Since she died on May 6th I gather there has been no administration of her trust in almost a year. The trust needs a separate tax identification number. And yes, it goes on existing. How long it goes on depends on what you as Trustee were instructed to do.
I would be happy to sit down with you and discuss the process. If you decide to set an appointment you may do so by calling my office (go to www.legacylaws.com for the phone number. They won't let me publish it on this list). We will send you an appointment confirmation letter with a list what to bring to the initial meeting. There is no charge for the initial consultation.
I look forward to hearing from you.
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