Legal Question in Wills and Trusts in Illinois

I was told by my father I have a trust fund. I'm not sure if the trust is a living one or not. He is not deceased, due to certain circumstances, I cannot ask him about it. I'm 18 years old, so I believe I can access it, if it is a living trust. From what I was told, this type of trust was set up with a key amount of money, that money could never be touched. And I would receive interest from the amount put into the trust. I'm not sure when this trust was created, the amount put into it, or how much interest it has accumulated. I also am not sure how much I can take out of it as of now. I do have an idea of which bank it would be in, and the state it would be in is Indiana. So, I need to know how to locate and access this trust. Thanks, Erika.


Asked on 8/22/10, 5:01 am

1 Answer from Attorneys
Alexandra Buzanis

I suggest you try to see if your father can give you more information. A trust can be set up with terms and conditions and set up in many different types of accounts and only with proper access and identifying information can you find out what the terms and payout are for this trust. Please see if your father or his accountant can assist you with more information. There is no central registration requirement for private asset trusts. So getting info from him might assist you the most. Also, do you know if he used your social security to get this set up? Maybe you can inquire of local banks he banks at if there is any trust in your name set up there? Also, if he used your social to set it up then in that case there might be a 1099 generated which goes to the IRS who would notify you to pay taxes on it if you did not report it. Best thing to do honestly is to talk to your father and/or his bank or his accountant if you can. Good luck Attorney Alex

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Answered on 8/30/10, 3:48 pm


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