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I will try to assist you but your facts are unclear.
As background, a living trust (also known as an Revocable Living Trust) is, as it's name implies, a "living" document but it also has "testamentary" provisions that become irrevocable at death.
There are three parties to the trust arrangement:
1. The person(s) who establishes the trust called the "grantor(s)" or "settlor(s)" because they will be transferring or re-titling assets they own into the name of the trust.
2. The trustee(s) who initially is the grantor(s).
3. The beneficiaries who may be the grantor(s) or others.
The advantage to establishing a revocable living trust is twofold. First, in the event the trustee (grantor) becomes incapacitated a successor trustee can be named in the document to handle affairs. Second, at the demise of the grantor the distribution of assets titled in the trust are not subject to probate and its attending expense.
You state that the home was given to the children in a living trust.
This does not make sense to me.
Either you titled the home in the name of your living trust and the children will receive it at your demise or you gifted the home to the children and they placed it in a living trust of their own creation.
If you can you please clarify the situation for me I will be able assist you.
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