How to avoid losing control of a home inheritance

  • If there are multiple beneficiaries, hire an attorney, and think win-win to build family relationships.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Trusts are nice if you receive money from one every month, but for some, they get complicated. If your client inherits real property through a trust, don’t panic; instead, review these steps to help your client obtain control of the home. Step 1: Who are the trustor, trustee and beneficiary? A trust is a legal entity that has three parties. Trustor: the person who created the trust by contributing the real property and establishing the legal terms. Also referred to as a grantor or settlor. Trustee: the person who will carry out the terms of the trust. Beneficiary: the person who will receive the benefits of the trust; in this case, most likely your client who has received real property. An important note: these roles could be distributed only between two individuals. For example, one individual could be both the trustee and the beneficiary. Step 2: Is it a testamentary trust or an inter vivos trust? Your client likely received the property from either a testamentary...