Legal Question in Wills and Trusts in Illinois
Two Promissory notes in a trust were covered by a 5-year agreement which has expired; there is no specific remedy for this situation in the agreement. Payments on these notes were considered interest only and the borrowers are beneficiaries of the estate upon the death of the trust owner. The parties are not in litigation and the trust belongs to a parent in care Home.
Can the Home attack the trust and demand payment of the promissory notes once the man’s non-trust funds have been exhausted?
Asked on 4/19/23, 10:38 am
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
This is an interesting situation but significantly beyond the scope of the type of question which can be answered online.
Good luck.
Answered on 4/19/23, 3:47 pm
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