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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 118779
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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I own a property that I would like to be put in a trust. need

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I own a property that I would like to be put in a trust. need advice on how to do this. I own the property outright and have no mortgage. I have two daughters 19 & 16 who I would ultimately like to receive the property. However if I want to be able to sell it myself at some point I want to be fully able to do so. I do not want future ex husband to have any claim on it when we divorce. he signed it over to me in full approximately 2 years ago.
We are both British citizens living in the US. He has L1A Via and I have L2. I believe that he has some financial issue in the UK and I do not want him to be able to claim anything from this property as it is now my home with children. Please advise me on best action to take in this situation. thank you
You can place the property in an "irrevocable trust" which would protect it from creditors and name a trustee and make yourself primary beneficiary and the children successor beneficiaries. You would also be able to have a clause inserted that would allow you to direct the sale of the property by the trustee. The only thing is that with an irrevocable trust you cannot direct the trust for your own benefit, so while you can direct the trustee to sell, the proceeds would have to go back into the trust for the trustee to administer for you as beneficiary (which means the trustee can buy a new house for the trust for you to live in or pay your living expenses from the money as needed). You need to sit with a local trust attorney to review all of your assets to determine the best specific way to devise the trust based on those assets and your needs.

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Law Educator, Esq. and 3 other Family Law Specialists are ready to help you
Customer: replied 6 years ago.
Just one more question! If I put the property in an irrevocable trust would I be able to sell it if need to in approx two years time to pay for daughters college fees?

The trustee could sell it, but the funds would have to go into the trust and you could do this and instead of making your children successor beneficiaries you can make them co-beneficiaries so the trust can pay for their school from the funds from the sale of your house. Your trust attorney can insert pretty much any provision you would like in the trust to provide for these things.
Law Educator, Esq. and 3 other Family Law Specialists are ready to help you