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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33781
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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My wife is the Trustee mothers Revocable Living Trust.

Customer Question

My wife is the Trustee for her mothers Revocable Living Trust. which consist of her Mothers Trust 25% interest in the family home. The remaining 75% on Title to the property is held by my Wife 25%, her Brother 25% and her Sister 25% and her husband was added. Her Mother created the Trust and named my wife Trustee and her Mother designated that her 25% be divided 50% to her Son and 50% to my Wife with the intent that her 25% would go to her ( 2 ) Two grandchildren. Now because they are in the process of refinancing the home and the original loan included the sisters name, the bank is questioning why the sister is not mentioned in the Trust supposedly complicating the loan process. Can the Trustee add her sisters name to the Trust without any further distribution from the Mothers 25% as was the Mothers original intent ?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can. Can the Trustee add her sisters name to the Trust without any further distribution from the Mothers 25% as was the Mothers original intent ? .Is mother still living?.Was mother the only grantor (i.e. maker) for the trust?..thanksBarrister
Customer: replied 1 year ago.
No
Yes
Expert:  Barrister replied 1 year ago.
Ok, then unfortunately the trust would now be irrevocable and could not be changed unless the trustee was specifically given that power in the trust documents.
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So if sister is still a 25 percent owner, then the lender will likely require her to be on any loan refi.
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Thanks
Barrister

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