Legal Question in Wills and Trusts in Illinois
Transfer of a home out of an Estate.. Illinois, Will County. My father passed and per his will I am the executor and the sole beneficiary to all property and money.
However, The house was in trust and he was the last named trustee as my stepmother has passed 2 years prior. i know their wishes were that the house go to my Step brother. What is the easiest way for me to transfer the house, out of trust and estate, to him?
I've heard a lot of conflicting information. That the house would go out of trust and to the estate when the last trustee passed away.. And that since the will stated that I am the sole beneficiary or all property that I would have to take possession and that I could then transfer the house to my Stepbrother. But that I would have to incur capital gains taxes on the transfer.
Just looking for the quickest and easiest (and cheapest) way to get this transfer completed.
2 Answers from Attorneys
When it comes to the trust, it doesn't matter what your beliefs are about your father's wishes, the trust document specifies what to do with the property in the trust. You should bring a copy of the trust with you and visit an attorney in your locale to evaluate your obligations and your options. If the trust specifies that your stepbrother is the beneficiary, the only question is how to effectuate the transfer of property to him. If he is not the named beneficiary, other issues need to be explored. It doesn't appear that this is a do it yourself kind of situation. See an attorney.
I am sorry for your loss. A well-drafted trust should specify the next steps. You should not be concerned with conflicting information, since the trust contains the only information that matters. A probate or trusts attorney in your area would need to review the trust to advise you.
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