What to do if we made a living Trust a few years ago and now we want to sell our house?
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What to do if we made a living Trust a few years ago and now we want to sell our house?
We then want to buy a new house. How do we do it legally? We think we need an account for the Trust and all money transfers are made into the Trust. Is that correct?
Asked on May 23, 2014 under Estate Planning, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
This question really requires an attorney to review the trust document in order to help guide you so I would urge you to seek such help. If you remain in control of the living trust - which is generally the case - then generally speaking you can - as trustee - sell the property and buy new property with the funds. There are tax ramifications and the deed must be properly executed. Please seek legal help.
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