If I'm 100% trustee of the trust of a piece of property I own and each kid is 20% (5 children) do I get to keep the full amount when I sell a piece of property without splitting it with my children? I own a multi-family dwelling. This is an irrevocable trust. When I first did the trust I was told that it would be mine to keep. I'm getting ready to retire and would like to sell off my property.
1 Answer from Attorneys
You need to take your papers to an attorney.
You are not in control of an irrevocable trust and the corpus of the trust no longer belongs to you. If it was set up wrong, perhaps it is a revocable trust. Perhaps you set up the trust and didn't fund it? Take your materials to an attorney to get an answer to your specific situation.