Legal Question in Wills and Trusts in Illinois
Can I set up a trust for minors during the probate process?
My kids father passed away last year. His father is the administrator for his estate. What happens to the house that we're living in if his (my kids father) name was the only name on mortgage? Can myself or the bank set up a trust for the properties he owned? What happens if there is not enough money in the estate to pay all the mortgages off? Is there a way to get around not selling the properties (other than paying them off, now)? One property is a building which has tenants who rent, a house with someone whose renting, and the other house which me and my kids still live in. What can I do at this point?
1 Answer from Attorneys
Re: Can I set up a trust for minors during the probate process?
When you say your kid's father, I'm assuming that you are divorced from him, or that you had his children out of wedlock. Your children are entitled to the whole amount and all of the real property. Unless he has children and a wife somewhere else. Then they would be entitled to a proportional share. Since you said his father was the administrator, I'm assuming that he died without a will. Please call me for an appointment.
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