Legal Question in Wills and Trusts in Illinois
Trustee mishandled funds
According to my grandmother's will any money from the sale of her house was to be distributed to her grandchildren. My aunt, before my grandmother's death, purchased the house and placed that money in a trust with my aunt as trustee. The money was then used to help pay for medical expenses and care for my grandmother who remained in the house. The grandchildren (all adults) were never made aware of being named beneficiaries. My aunt proceeded to invest these funds in high yield stocks which are now almost worthless. She plans to eventually sell the house and keep the money for herself to pay for the ''investment'' into the trust. Isn't this a conflict of interest?
1 Answer from Attorneys
Re: Trustee mishandled funds
From your description, it seems that the sale of the house and the use of funds for your grandmother went as planned.
That being so, it was only when the investments dropped in value that there became an issue.
If your aunt paid the trust fair market value for the house, then the house is hers and she shouldn't have to share any future sales proceeds with anyone.
I would recommend that you sit down with an attorney who can review the documents at issue and advise you appropriately.
Good luck to you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
