Legal Question in Wills and Trusts in Illinois
Trusts, incompetency
In Feb of 2006 a relative of mine was left money, property in a trust. He is the main beneficiary, his other three siblings are to receive $600 a year. The beneficiary is also from what I understand a co-trustee, a gentleman that was no relation was named the trustee.
The beneficiary has some mental handicaps, does not know nothing about finances and can not even write a check.His siblings fear that the man left in charge of the trust is taking advantage of the beneficiary and talking him into selling some of his property.The siblings do not have a copy of the trust and do not know if there are any clauses in it about the property, etc.When the trustor was alive he did say that none of the property was to be sold.
What can the siblings do if they suspect the trustee is shady, plus is there anything that can be done about the main beneficiary since he is not capable of making good decisions and knows nothing about finances?
1 Answer from Attorneys
Re: Trusts, incompetency
If a person is named as a beneficiary in a trust document, he/she usually has the right to an annual accounting of the trust and its assets, liabilities, and distributions.
You can start by requesting a copy of the trust document, and ask that a copy of the current year's accounting be provided when the $600 check is disbursed.
If there is no response to your request, you may want to pursue an action against the trustee for a breach of fiduciary duty. However, before entering into such litigation, I would strongly advise you to consult with an attorney since this type of litigation can be complex, lengthy, and expensive.
Good luck to you.
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