Legal Question in Wills and Trusts in Illinois
How can I set up a trust for my deceased wife?
My wife just passed away recently and was receiving about $400-$600 per month from a lawsuit settlement she won. I am her husband and I now am concerned with having enough money to pay all the bills and support myself. Her judgement is supposed to continue for a couple more years. It was from her brother stealing $150,000 from her and then she had to take him to court . He declared bankrupsy and was ordered to pay $30-$40,000 or so back over the next two years. I was told I should have a trust for her and would then be able to have her checks deposited directly into my bank. I am wondering if I need to get a lawyer or can I save money and do it another way? Also what other direction or actions should I take now to properly dispose, appropriate and care for the estate and bel;ongings since there was no will, only verbal requests made to her family and me? Are there any written guides or literature that can help me to manage these things that you could recommend?
1 Answer from Attorneys
Re: How can I set up a trust for my deceased wife?
The funds from the lawsuit settlement will go to your wife's estate since such funds are considered "income in respect of a decendent."
Your wife's liabilities would be paid from these funds before they would be distributed to her beneficiaries (you as the surviving spouse, and her children).
I would suggest that you consult with a lawyer who can review the settlement agreement, and guide you in administering the rest of her estate (particularly to let you know what you are responsible for and what you are not). It will only take an hour or two and will really be well worth the time and expense. Then if you choose to do the rest yourself, you will at least be on the right path.
Good luck to you.
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