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How soon after the person who formed a revocable trust dies,

Customer Question
How soon after the...

How soon after the person who formed a revocable trust dies, does the trust usually dissolve? Or can it go on indefinitely for years with the survivors(beneficiaries) as Trustees? Say if someone wanted to live in the family home and rent from the Trust or buy the home on installment sale from the Trust?

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

Wiscoonsin

Lawyer's Assistant: What documents or supporting evidence do you have?

My elderly mother seems to think that her will is not enough and thinks she needs a Revocable Trust to insure that one of her sons can remain in the family home until his death and THEN the property would have to be sold...

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I was wondering if a FLP or a FLLP would be a better vehicle to have this happen rather than a Revocable Trust...

Submitted: 8 months ago.Category: Legal
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Answered in 5 minutes by:
9/19/2017
Lawyer: Richard, Attorney replied 8 months ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,743
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Lawyer: Richard, Attorney replied 8 months ago

Good afternoon. Actually, the best thing to do is to grant a life estate to the person she wants to be able to live in the house. That will give that person the right to stay there until death. At the person's death, the life estate automatically terminates and the title automatically vests in the people to whom the remiander interest was given. Your mother can do that now or at her death...either alternative will assure the person can remain in the house. :)

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Customer reply replied 8 months ago
Thanks so much!
Lawyer: Richard, Attorney replied 8 months ago

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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