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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.

TMF ExRO
Phil Marti
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