My question involves estate proceedings in the state of: MISSOURI
I am the trustee of my parents' estate. Second parent died a few months ago. The only other living heir is my grown child, who is to take over as trustee if I die before everything is taken care of in the trust. Otherwise, everything goes to me when it's time to dissolve the trust (just waiting for final income tax). Then I'll set up a new trust so that my child will get whatever I leave behind when I die.
Several of our final conversations revolved around my parent making sure I would be okay after death. My parent suggested that I sell both houses and then buy something newer to live in so that I would have fewer worries with the maintenance that comes with older houses, and to be more comfortable. Now that several months have passed, I am preparing the two houses to sell. All other aspects of the trust are moving along smoothly, as well.
I had intended to wait to buy a newer house until after either one or both of the old houses had sold, but I started looking anyway to see what's out there in my price range. Then over the long Thanksgiving weekend, I fell in love with a house.
I was ready to have my realtor make an offer on new house NOW but have a couple of questions. Since I can't get in to see my parent's attorney (the one who wrote up the trust) yet -- and I really don't want someone else to make an offer and cause me to lose this house -- I thought I'd turn to this forum to see if anyone knows how this would work.
I'll be paying cash from the trust account (which, of course, I am the signer for since I am the trustee) for the house. No loans will be taken out.
MY BIG QUESTIONS:
1. As trustee, can I write a check to buy the new house using the trust's bank account and have the paperwork for the house drawn up with the house being owned by the trust (rather than my personal name)? I think the answer is yes.
2. This means the house would belong the trust, just like the two houses already in the trust. It would not belong to me. And then when I am ready to dissolve my parent's trust in several months (after final income taxes), and create my own trust with my child as trustee, a new deed would be drawn up to say the new house is now owned by the NEW trust. Correct?
Thank you to anyone who might know the answers. I'm still going in to see the lawyer, of course, as soon as possible.
I am the trustee of my parents' estate. Second parent died a few months ago. The only other living heir is my grown child, who is to take over as trustee if I die before everything is taken care of in the trust. Otherwise, everything goes to me when it's time to dissolve the trust (just waiting for final income tax). Then I'll set up a new trust so that my child will get whatever I leave behind when I die.
Several of our final conversations revolved around my parent making sure I would be okay after death. My parent suggested that I sell both houses and then buy something newer to live in so that I would have fewer worries with the maintenance that comes with older houses, and to be more comfortable. Now that several months have passed, I am preparing the two houses to sell. All other aspects of the trust are moving along smoothly, as well.
I had intended to wait to buy a newer house until after either one or both of the old houses had sold, but I started looking anyway to see what's out there in my price range. Then over the long Thanksgiving weekend, I fell in love with a house.
I was ready to have my realtor make an offer on new house NOW but have a couple of questions. Since I can't get in to see my parent's attorney (the one who wrote up the trust) yet -- and I really don't want someone else to make an offer and cause me to lose this house -- I thought I'd turn to this forum to see if anyone knows how this would work.
I'll be paying cash from the trust account (which, of course, I am the signer for since I am the trustee) for the house. No loans will be taken out.
MY BIG QUESTIONS:
1. As trustee, can I write a check to buy the new house using the trust's bank account and have the paperwork for the house drawn up with the house being owned by the trust (rather than my personal name)? I think the answer is yes.
2. This means the house would belong the trust, just like the two houses already in the trust. It would not belong to me. And then when I am ready to dissolve my parent's trust in several months (after final income taxes), and create my own trust with my child as trustee, a new deed would be drawn up to say the new house is now owned by the NEW trust. Correct?
Thank you to anyone who might know the answers. I'm still going in to see the lawyer, of course, as soon as possible.
Missouri Trust - Can Trustee Buy House in Trust's Name
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