Legal Question in Wills and Trusts in Illinois

We are currently trying to set up a trust, and are co-trustee with a trust corporation. The trust corporation and myself are co-trustees. Our current trust reads under the Trustee Succession article, in the Corporate Trustee Substitution paragraph, that "a corporate trustee may be removed at any time by an instrument signed by a majority of the income beneficiaries but only if, on or before the effective date of removal, a qualified corporation has been appointed corporate trustee in the same manner." What are the financial and legal consequences, if any, of removing the original trust company?


Asked on 7/14/11, 7:55 pm

2 Answers from Attorneys
Manish Bhatia Manish C. Bhatia, Attorney at Law

Is this a Revocable Trust of of which you are the trustor/settlor/grantor? If so, there should be a provision in the trust that allows you to amend or revoke the trust at any time during your life/capacity. I would need to see the entire document to properly counsel you on this.

If you would like a review of your existing documents at no cost to you, please feel free to contact me at your convenience.

(773) 991-8423

Read more
Answered on 7/14/11, 8:00 pm
Jeffrey R. Gottlieb Law Offices of Jeffrey R. Gottlieb, LLC

The only way to properly answer such a question is by reviewing the actual trust documents and the entire situation. If you are in the process of setting up the trust, then I presume you have an attorney drafting the trust for you and these would be the types of questions best addressed by the attorney hired to prepare the documents.

Read more
Answered on 7/15/11, 11:35 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Illinois