Getting property out of a living estate?

A trust is different from a life estate. My mother deeded her house to my two sisters and me retaining a life estate. That means the house is hers for her life and when she dies my sisters and I are stuck with it. As long as mother is alive, my sisters and I are remaindermen with no control over the propery. A trust is a document setting forth specific terms. A trust can hold real estate, cash, stocks, insurance proceeds or whatever and has a trustee or trustees that oversee it under the conditions set out in the trust document. Terms of a trust might forbid sale of assets giving only earnings to beneficiaries. Or it might forbid sale for a certain period of time. A trust can have all kinds of quirky terms!!

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This is the day which the Lord hath made; we will rejoice and be glad in it.

Thanks again guys, you have provided me with alot of information. I really appreciate it.

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S-J Farms
http://s-jfarms.com

A Living Trust is revokable while the trustor is living. As soon as the trustor dies, it becomes an irrevocable trust.

What this means is that right now, you need to talk to Granny or her POA. She has the right to sell it.

If you wait until she dies, you will be dealing with a trustee, and he/she will be trying to keep all of the beneficiaries happy. Some of them may not want to sell. Some may want more money than what you are offering. It could take years to settle.

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I yam what I yam and that's all what I yam.

Popeye

When writing the letter, you may want to send it to ALL owners listed on the deed - that way EVERYONE knows you are interested - and you can't be accused of trying to "swindle" property off "granny".

At least you should find out rather quickly if they are even interested in selling it.

Do let us know how things turn out. There is so many variables to this, that at this point it's a guess as to the dynamics of the situation.

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Michael W. Smith in North-West Pennsylvania

"Everything happens for a reason."

I guess I hinted at that - you said it very well. Most certainly, express your mild intrest to everyone involved, so you don't turn into part of the family argument.

--->Paul

If it's an inter vivos revocable trust, then the trustor(s) and trustee(s) is(are) the only owner(s). The successor beneficiaries (usually the trustor(s) children) have no legal holding in the property as the trustor can change the trust at any time .. this includes changing the successor beneficiaries, changing the percentages of the trust received by any of the successor beneficiaries, and adding/removing any asset of the trust, i.e., real estate, stocks, chequing/savings accounts, etc.

The old gal cant sell her house or the nursing home will get all the money,We have a trust set up so that know mater what happens to us they cant get the farm if we are in a nursing home.Wrote up by a lawyer with grandkids as the owners of farm after we are gone and apon there 35 birthday.Kida would just sell it and spend the money before we were even cold.

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If you are still mowing the grass then the garden needs to be bigger

Go to the property tax office and find out to whom they are mailing the property tax statement. That will be the person to contact to make an inquiry. Being in timber production, I buy and sell a fair amount of property. I have seen trust broken and I have seen lifetime rights surrendered. Multiple heirs are not the problem that most people perceive. If a few want to hold and the others want to sell and they can not come to agreement then a judge will typically rule the property to be sold. Just take one step at a time and keep your discussions private. The tax office is typically at the county seat. That is step one, step two is to stop by the mapping dept to see that the property is the property you are interested in. At this point you should have the county appraisal and an aerial view and an address for the letter to the responsible party. PS...do not assume the responsible party is an astute individual when it comes to what he is responsible for handling. Do you own due diligence.

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Agmantoo
If they can do it,
you know you can!