I am the Trustee of my deceased mothers Trust. Her condo is still in the trust. The deed has not been transferred to me personally yet. Does the Rental income need to be in a separate account to be kept in the trust, or can I put it in my personal account?
1 Answer from Attorneys
I need to see the trust documents before I could provide appropriate legal advise. Based upon the limited information in your question, I would suggest depositing the rental income into the trust until the property is transferred to you. You should also use the income to make any necessary repairs to the property, pay taxes or insurance. Please contact me if you would like to discuss this matter in more detail 888-988-LAWS (5297) or [email protected]