When does a Revocable Living Trust expire or end? - AgingCare.com

When does a Revocable Living Trust expire or end?

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Upon the death of the Trustee or some later date? The only asset of the Trust is a Patio Home. It has been rented for the last three years and was "Grandfathered" by the HOA two years ago when the Deed Restrictions were amended to prohibit renting the individual units. One of the limitations to the Grandfather exemption is that when ownership changes the unit must be sold within one year.

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A revocable trust becomes irrevocable if the terms of the trust so state, and upon the conditions stated in the trust. Typically, however, it becomes irrevocable upon the death of the "grantor," i.e., the person who established the trust and funded it with money, real estate, etc.
In your case, the ownership does not change just because the trust becomes irrevocable, the trustees change, or the beneficiaries change. Only upon the termination of the trust would the ownership of the property change, unless the trustee distributes the ownership of the condo to one or more of the beneficiaries in accordance with the trust terms.
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My understanding is that the trust remains in place and becomes irrevocable. I hope aomeone with more knowledge about this will chime in.

Ask the attorney that prepared the trust.
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I think it's common for it to become irrevocable after the death of the initial trustees but it depends how it's written. Contacting an attorney is probably the best unless you can decipher the legalese.

As for the unit, if you leave it in the trust after the trustee dies then the unit will not have a change of ownership (until taken out of the trust) since it's technically owned by the trust, only the trustee of the trust changes. The trustee of any trust does not own the property given to the trust, they simply manage it.
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Upon the death of the person who made the revocable trust, but consult an attorney for the specifics of this trust.
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I understand it to become irrevocable upon the death of the person who made the trust. My assets will remain in my trust under a professional fiduciary until the ones I have provided for are also deceased and then remainder goes to charities named. Fiduciary will direct trust, but does not own it and can't change it once I am gone.
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Upon the death of the parent, e.g. my mother's estate was set up as a trust by my brother, an attorney. She died on 1/24/14. After her trust income taxes were filed before April 15, 2015, her bank accounts are split evenly and closed out.
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My Dad and mother in law made a living trust 1997 . My mother in law died 1999. My Dad died 2014. The 3 of us from first marriage was disinherited,.nothing was given to us.The original will was not changed when my Dad died. Do we have right or portion of my Dad"s property. Thanks.
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Either I'm confused or you are. You are describing a trust wherein the only asset is a patio home. So far so good. The trust in active as stated unti the author of the trust either dies or amends or cancels it. Okay, that's that.

THEN you go on to say that the HOA grandfathered in the patio home to allow rental. That grandfather provision would apply as long as ownership didn't change. Okay, and that's that.

Then you go ON to say that the grandfather provision requires the home be sold within one year of ownership change. And there's lies the rub. That makes no sense. More info please.
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Maggie, the OP posted back in May, hasn't been back to this thread as a follow-up, and it's impossible to tell from his profile whether he's even still around. It was Egmedio's new question that brought it forward. To change the familiar saying, "I think the Old Veteran has left the building."
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I agree GardenArtist: Old veteran has left the building.
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