Massachusetts | Wills and Trusts
Legal Question
Can I become the Trustee of Real Estate Trust if I am 100% Beneficiary of it?
Also what would happen after the experation date of the Trust and how to extend the life of the Trust after the original experation date?
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Legal Answer
The answers depends entirely on what the Trust states. If the Trust has not yet terminated, unless the language of the document has some mechanism to allow someone to extend its life, you would need to get authority from either the Probate or Superior Court by a petition for reformation.
Please feel free to call me if you would like to make an appointment to review the trust with you and explain your options.
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Golden Law Center 200 Highland Avenue, Suite 302 Needham, MA 02494
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Legal Answer
If you are sole trustee of a nominee real estate trust and sole benficiary of the trust, the trust for real property purposes is ignored. It is in essence the property is owned by you.
If this trust provides for the original owner to retain a life estate and you are the sole contingent beneficiary, then you are not the sole owner of the property.
As to extending the life of the trust, it depends on whether it has expired or not and the terms of the trust.
Please feel free to contact me if you have more questions.
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