How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Attorney2020 Your Own Question
Attorney2020
Attorney2020, Attorney
Category: Estate Law
Satisfied Customers: 2578
Experience:  Estate planning and wealth preservation attorney.
63724254
Type Your Estate Law Question Here...
Attorney2020 is online now
A new question is answered every 9 seconds

My children were left a house to be inherited after the new

Customer Question

My children were left a house to be inherited after the new wife died. She is responsible for the taxes, maintenance, common charges and a mortgage that she took out on the property as a co trustee. she can no longer afford the unit. it has lost $150k in value and the mortgage is also approx $150k. The inheritance has lost half it's value. She wants the trust to buy her a new home with the little that is left in the trust. she cannot afford the upkeep of a new place. The beneficiaries will not buy another property. This would be the 3rd house she has forced them to purchase. It's time to cut the cord and dissolve this trust as she can no longer keep up her end of the agreement. What do you suggest?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: connecticut
JA: Have you consulted a lawyer yet?
Customer: We did but he hasn't been much help
JA: Is there anything else the Estate Lawyer should be aware of?
Customer: One of the beneficiaries is a co trustee and approved the mortgage. The condo is for sale for $350k and considered a distress sale as she can no longer pay the taxes etc. and would not be able to perform that function in a new home.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Attorney2020 replied 1 year ago.

Do the terms address when the trust can be dissolved? A trust cannot be unilaterally dissolved unless stated in he trust.