Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I became Executor and later trustee of an estate in Illinois. This was created from a will written as a Testamentary Trust. It contained an apartment
building that was already in a Land Trust. I changed the property title to the beneficiary's trusts jointly. Last year I paid off the mortgage from stock gains in LU & T. Should I discontinue paying the bank $85.00 per year to this bank that held the mortgage and holds the Land Trust?

If I understand your statements, the property is currently jointly titled to the testamentary trust and the Illinois land trust. With the caveat that I've not dealt with Illinois land trusts in over 20 years, I don't see the point to maintaining it. It does seem to me that the land trust is going to have to convey its interest to the testamentary trust before you can write the bank out of the picture.

I recommend a quick session with a real estate lawyer.

Phil Marti
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.