Legal Question in Wills and Trusts in Illinois
Can a trustee purchase property from the trust?
My grandmother's house was placed in a trust with my Aunt as trustee while my grandmother was still alive. My Aunt purchased the house and my grandmother remained in the house until she died. My Aunt charged rent to my grandmother presumably using the money from the trust to pay for it. She then proceeded to invest the money into high risk stocks and lost all the money in the trust. The trust was made with the grandchildren named as beneficiaries, but none of the grandchildren were ever notified of being named in the trust or of any subsequent actions taken by the trustee. Do we as beneficiaries have any legal recourse?
1 Answer from Attorneys
Re: Can a trustee purchase property from the trust?
The trustee is a fiduciary of the trust, and cannot benefit financially other than the normal trustee fees. The trustee also owes a duty of care to the trust. If what you said is true, you may have a lawsuit for bnreach of fiducuiary duty. Please get the advice of an attorney in your area to make sure. You have given me a general idea of what happened. I'm giving you a short answer. Seek the advice of a lawyer.
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