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Irrevocable trust

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I was just bumped out...
I was just bumped out of your site. I already asked my question and paid. I will be selling my house soon which is in an irrevocable trust in the state of Rhode Island. I will be moving to Texas and buying a condo
Actually the trust will be ourchasing it. My question is can the trust pay for the expenses such as real estate taxes and insurance. Also, can the trust purchase and automobile from the proceeds of the sale of the house.
I am the trustee.
Submitted: 4 years ago.Category: Legal
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6/1/2013
Lawyer: socrateaser, Lawyer replied 4 years ago
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39,498
Experience: Retired
Verified
If the trust is buying the condo, and assuming that the trustee is authorized with the power to make decisions as to the purchase and sale of trust property, then the trustee can do whatever he or she wishes with that property, as long as the transactions remain titled in the name of the trust.

Please let me know if I can be of further assistance.
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Customer reply replied 4 years ago
I also asked if the trust can pay for the real estate taxes and insurance on the new condo. Also, can the trust purchase a vehicle?
My question is is this legal in an irrevocable trust?
Lawyer: socrateaser, Lawyer replied 4 years ago
The answer to each of your questions lies entirely within the trust instrument language.

A typical irrevocable trust places fairly strict requirements on the trustee's use of trust property. The trustee's ordinary duty is that of a "prudent person," which means that the trustee has a fiduciary duty to preserve the trust property for the beneficiary/ies. Purchasing an automobile, for example, is not the act of a prudent person in charge of trust property, because automobiles generally depreciate in value (unless you're purchasing a collectible with the intent of keeping it for display, rather than for regular use).

Real estate taxes, are required to preserve trust property -- as is insurance.

The botXXXXX XXXXXne is that if the trust language requires that the trustee act as a "prudent person," then you cannot do anything that would operate to diminish the trust's principal value. If the trust language expressly permits you to act with absolute discretion concerning the trust property, and states that you do not have to act as a "prudent person" in the management of the trust, then you can do whatever you wish with the trust property.

Hope this helps.
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Customer reply replied 4 years ago
I have paid just answer in error
With three transactions for a total of $101.00. All through PayPal.

Could I please get refunded for the first $50.00 with came out of my checking account I. Error. Thank you
Lawyer: socrateaser, Lawyer replied 4 years ago

I'm a little confused by your last correspondence. I'll be happy to send your request to customer service, and I am certain that they will refund your money as you request (because they never deny a customer refund request).

However, before doing so, can you please tell me if my answer is satisfactory?

Thanks in advance.

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socrateaser
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Category: Legal
Satisfied Customers: 39,498
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