I want my wife to live in our home after I "move on". The house will be in a trust to then be an inheritance for my "children of my first marriage". They won't get the house until she passes on or decides she doesn't want to live there anymore. ?..can my trustee decide she wants to live there? Can the trustee have the right to add on to the houde or use it as a vacation home?(it's a beach house)... what are the boundries?
2007-04-15 10:42:29 · 2 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
Yes, you can have that written into your Will (I have seen this done many times). As long as you are clear (I suggest having an estate attorney draw up the documents) there should be no problem now or in the future.
You may want to investigate Qualified Personal Residence Trusts (QPRT) or Qualified Terminable Interest Property Trusts (QTIP).
2007-04-15 10:55:17 · answer #1 · answered by pepper 7 · 1⤊ 0⤋
A trustee must exhibit an higher level of honesty and good faith, remain loyal to their trust at all times. They cannot profit personally from their trust property and cannot commingle trust property with their own property, must treat all beneficiaries fairly, cannot delegate any management of the trust to others. They must keep accurate accounts, showing receipts and disbursements of principa and income, and cannot be the sole beneficiary of the trust. A trustee is bound by the trust itself and carry out the trust itself for the beneficiary
2007-04-15 10:57:10 · answer #2 · answered by Arthur W 7 · 0⤊ 0⤋