Illinois | Wills and Trusts
Legal Question
This is an inter-family issue. 25 years ago my grandmother passed away and her will created a residuary trust for her children. One of the three children carried out actions which broke the family apart. Two of the aforementioned siblings and my grandfather vs. the one sibling is the current division. In attempting to help my grandfather complete his will, it has come to my attention that the residuary trust carries over on to a portion of his estate as well. In essense, about 20% of his land is held in this residuary trust created by the death of his wife/my grandmother. He has asked me to find out if the trust can be dissolved so the "bad" sibling will not have rights to any of his land upon his death. The specific situation is that he took out a promissory note against the trust that at the time (approximately 10 years ago) was in excess of the value of the trust. This note was made due to operating expenses for farm ground needing to be paid. However, the land in the trust has likely appreciated to now being more than the value of the promissory note. What can be done is this situation? Thank you for your responses!
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