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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
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Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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trust asset is mothers home. she listed home for sale ...

Resolved Question:

trust asset is mother''s home. she listed home for sale prior to her death--prior to any knowledge of medical problem-- her intention was to negate the trust by selling the asset---house sale closed after her passing--do the proceeds from the sale of the house still belong to the trust?
Submitted: 8 years ago.
Category: Legal
Expert:  Dave Kennett replied 8 years ago.

DearCustomer- If the trust still owned the property and had not been dissolved then the proceeds would go to the trust as seller of the property. I would assume the deed was signed by the trustee and that the deed was in the name of the trust at the time of sale. The mere sale of a trust asset does not dissolve the trust but the asset makeup changes from real estate to cash.

David Kennett - JD - Attorney at Law

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