Q: My condo is in an irrevocable family trust and I am the trustee. My husband has died and what happens if I remarry?
I will have a name change and nothing in the trust addresses this.
A: The name change is not an issue. If it needs to be addressed at a future time in connection with the sale of trust property it can easily be done at that time. You should consult with an attorney before you remarry to make sure you understand the effect of remarriage on your rights under the trust. An attorney will need to review the trust to advise you.
A: If the condo is titled in the name of the irrevocable trust, then the terms of the irrevocable trust itself will determine what happens to the condo. If it is properly set up the title to the irrevocable trust should now hold the condo. If you are the trustee of the trust, you are responsible for managing the assets of the trust, but legal title is not actually held in your individual name. I would have your trust reviewed by an experience estate planning attorney who can review the exact terms and answer your questions about what happens if you get remarried. Since I do not have a copy of the trust in front of me, I cannot say for sure, but generally if an asset is placed in an irrevocable trust, the trust is designed to keep the asset out of your individual name, and safe from events like death, divorce, etc. I would review the trust with an experienced estate planning attorney so that you can get a complete answer to all of your questions before proceeding.
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