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socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 38901
Experience:  Retired (mostly)
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I am the sole Trustee Trust in Washington state, set

Customer Question

I am the sole Trustee for a Trust in Washington state, set up by my mother for the benefit of my two children. Recently the standing tenants submitted a very attractive offer to purchase a property owned by the family trust that we wish to accept. It has, however, come to my attention that, contrary to my understanding that it was something the lawyers who initially drew up the Trust were to do ,the Trust never converted it to a regular 'generation-skipping' trust upon the demise of my mother. It is still registered (if that's one calls it?) as a Living Trust. I was to, and remain, the sole.Trustee. The Trust has an EIN number as does the Trust bank account , into which the funds will be transferred upon completion of the sale. Is there anyway that it still being a Living Trust,( rather than the generation-skipping/ special needs trust it was originally intended to eventually become), might impede the sale?
Submitted: 1 year ago.
Category: Estate Law
Expert:  socrateaser replied 1 year ago.
Hello, The only issue for purposes of a sale is that the trust grants the trustee the power to transfer the property to a third party in exchange for fair value. If yes, then there's no issue whatsoever. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using Justanswer!
Customer: replied 1 year ago.
yes, the T
Expert:  socrateaser replied 1 year ago.
Your follow-up question was cut off. Please feel free to continue.

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