Regarding a revocable Trust, do beneficiares get the proceeds from the sale of a house while the grantor is still alive?
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Regarding a revocable Trust, do beneficiares get the proceeds from the sale of a house while the grantor is still alive?
My mother has given power of attorney to one beneficary and one of beneficiaries is the trustee of her revocable Trust. The trustee is selling the house. My mother is still alive in assisted living. Do all beneficiaries get proceeds of the house sale at time of sale, do they have to wait for her death, or do all proceeds go to the grantor?
Asked on November 15, 2017 under Estate Planning, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The terms of the Trust will govern what happens to the proceeds when an asset is sold but improtant to know is if the Trust is made for your Mother's benefit? Likely none of the assets or proceeds would be distributed until her death. Good luck.
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