Question: My house is in an irrevocable trust with two sons as trustees. Can I move out of the house and the trustees rent it? The house is paid for, and I can live in it until I pass. However, I want to move. Does the house have to be sold?
Loraine’s Answer: You will need to have an attorney review your trust to see what it permits since you say that the house is owned by an irrevocable trust. When a trust owns property, the terms of the trust control what the trustees can do with trust-owned assets.
If you are the beneficiary of the trust, an attorney can represent you in that capacity, review the trust, and let you know what appears allowable for the trustees to do. The trustees can also hire an attorney to review the trust and let them know what they can do. In any case, one of you should hire an attorney to review the actual language of the trust. If the attorney who drafted the trust is still practicing, that is likely the best place to start.
Key Estate Planning Takeaways: When questions arise about a trustee’s rights or powers, it’s best to hire an experienced estate planning attorney to review the language contained in the trust.
This “Q&A with Loraine” blog series is inspired by answers from Morgan + DiSalvo Partner Loraine DiSalvo to actual user questions posted by individuals on www.avvo.com. This blog is a more in-depth response than is permitted on their site. To view the original question and Loraine’s abbreviated response, click here.
