Legal Question in Wills and Trusts in Illinois

My wife and I own a home in Illinois. I am a resident of Las Vegas, Nevada. My wife presently lives in the home. I plan on retiring at the end of 2018 and moving back to Illinois. The home is valued at $220k and has a mortgage of $110k. We each invested $50k upon purchase. Our individual assets are kept separate - no commingling. We each have two adult children from a previous marriage. Previous spouses are deceased. We each have a 50k life insurance policy on each other.

We desire that when one spouse passes, the surviving spouse receive proceeds from life insurance to help with house payments. The surviving spouse can remain in the home until they pass or the home is sold. When either event occurs, the home is to sold and proceeds split equally among our four children. The surviving spouse must care for the home properly and may not use the home as equity for a second mortgage. We’re not sure how to choose “executors” for this type of arrangement. I'd like to close loopholes that may come up if a challenge occurs. The home is titled as “Tenants by the Entirety”.

I am currently about to undergo treatment for Leukemia which may or may not force me to retire early and return to Illinois. We’re looking for a solution which we can implement immediately whether I return to Illinois or not.


Asked on 4/21/18, 5:00 pm

1 Answer from Attorneys
Michael Goldberg Johnston Tomei Lenczycki & Goldberg LLC

What you are describing can be accomplished with a Trust. The Trustee holds the property for your spouse's benefit, provided your spouse takes care of the property. An estate planning attorney such as myself would be able to assist you in creating the necessary documents and getting everything in place. I encourage you to reach out to one to get the processed started as soon as possible.

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Answered on 4/23/18, 7:05 am


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