Legal Question in Wills and Trusts in Illinois

I am the trustee of my mother's revocable living trust. According to the trust, the ownership of her house (there is no mortgage) is to pass to her 6 children. Upon her passing, what will I need to do? Will I need to get the deed changed to the 6 names? How soon am I required to do this?

Also: two of the siblings may be interested in living in the house, whereas the 4 others would not. If the two want to buy the others out, can that all be done right away--i.e., instead of putting 6 names on the deed upon her passing, just put 2 and work out the details informally (since all are amicable)?

Alternatively, she could change her living trust now so that those 2 receive the house and the other 4 are compensated for the difference (since her trust stipulates that her other assets--savings--are split 6 ways). But she is not sure she wants to go through the trouble of changing it at this point, if it's just as easy to leave things the way they are. (She is older and has some health issues). Would appreciate your thoughts. Thank you.


Asked on 3/04/11, 5:05 pm

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

If your mother wants her estate divided equally among the six beneficiaries, there is no reason to amend the trust as described. As trustee, you would have responsibility to carry out the intentions of your mother expressed in the revocable trust. My advice: after the passing of your mother, review the trust with the other beneficiaries, prepare and sign a written agreement whereby all six agree to a particular division, and distribute the property accordingly. If it is agreed that two will become owners of the residence and the other four beneficiaries will be compensated for their share, as trustee you can prepare a deed which carries out that purpose. There is no strict time limit, but it is best to administer the trust within a reasonable time period.

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Answered on 3/04/11, 5:33 pm


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