Ask Experts Questions for FREE Help !
Ask
    Terri Diegel's Avatar
    Terri Diegel Posts: 27, Reputation: 2
    New Member
    		  
    #1

    Dec 8, 2007, 07:37 AM
    Irrevocable trust
    I have a question... my mom prepared a irrevocable trust for her property since my sister and I don't get along. My sister is sneaky and seems to end up on my moms deed and so forth. My question is, in the trust that was created, in article 1.2 it states: I shall retain the right during my lifetime to use, occupy, sell, encumber, or otherwise dispose of the trust principal, at such address. Does that sound legal? Is it saying she can just sell the property or dispose of the whole trust ?
    Thanks so much for your help!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Dec 8, 2007, 07:57 AM
    Hello Terri:

    She used the word trust "principal", which to me would mean everything in the trust.

    Sounds legal to me, but, what do I know? Why wouldn't it be legal? During her lifetime, it's her property.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Dec 8, 2007, 07:59 AM
    That actually sounds like a standard clause.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #4

    Dec 8, 2007, 08:09 AM
    Quote Originally Posted by Terri Diegel
    I shall retain the right during my lifetime to use, occupy, sell, encumber, or otherwise dispose of the trust principal, at such address.
    Hello again, Terri:

    You know lawyers use language that only another lawyer can figure out. I think it's a look out for your brother kind of thing. It CERTAINLY keeps them in business.

    Who wrote this trust? A lawyer, some software she bought, or one of her friends??

    I don't like the term "at such address". Does that mean the property located "at such address", or does it mean that's the address of the lawyers office, where the "disposal" must occur? If it's the physical address of the property, why didn't they use the actual PHYSICAL ADDRESS?

    I don't know, sometimes I hate lawyers.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #5

    Dec 8, 2007, 09:26 AM
    OK the issue will be, if the sister is on the deed, as ower with right of survivial, then the house will not go into the trust at mom death since it would be owned by the sister at that part in whole.

    Your mom needs to have the deed and trust reviewed.
    Terri Diegel's Avatar
    Terri Diegel Posts: 27, Reputation: 2
    New Member
    		  
    #6

    Dec 8, 2007, 01:35 PM
    Thanks To All Of You! The Sister Already Signed Off The Deed, The Deed Is Going To Be Regisered. The Address Is Noted In The Trust... I Just Blanked It Out. Just Wondering If The Paragraph Is Standard For An Irrovocable Trust
    Thanks Again
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Trust- how can I trust him again? [ 8 Answers ]

Okay, so , my boyfriend and I have been together for a while now, things have always been good. He may have lied to me about really small things. And then I found out he lied to me about where he was going a couple times. His excuse was that he didn't want me complaing or nagging. Well, things...

Why don't I trust her? [ 14 Answers ]

Hey guys and gals. Just wanted some opinions really. I'll make it short and sweet. Ive been in a relationship with my girlfriend for 3 and a half years now and things are starting to crack around the edges. She hasn't changed or anything, it's me. She always goes out clubbing with her mates...

Why Don't I Trust Him? [ 11 Answers ]

I have been with my boyfriend for over four years. I was with someone else when I met him, I cheated on my ex. I have also cheated on my boyfriend 2 years ago, so he has a reason to not trust me anymore. I have been good the last 2 years we have been back together, and we are now expecting our...

Revocable Trust (Grantor) Trust w/3rd party trustee [ 2 Answers ]

It was my understanding that if a grantor set up a revocable trust and a third party (let's say a bank) was named as trustee, the trustee was required to file a Form 1041. I am unable to locate any IRC or other guidance that would confirm or deny this. Please help. Thank you. Diana

How can you Trust Him? [ 3 Answers ]

:cool: What do you do when you can't trust a boy? Is it normal to wonder what he is doing at all times of the hour? How can I feel more comfartable about trusting boys? After one boy proved himself untrustworthy I found myself not trusting any anymore... is that normal? Let me know and thanks

View more questions Search