Legal Question in Wills and Trusts in Maine
An irrevocable trust was set up by my parents , with my self as beneficiary. The asset in trust is our family home in Maine. My mother is still alive at age 80, the trust expires in 2016. If she is still living at that time, do the assets transfer back to her or does the house title become mine?
1 Answer from Attorneys
Thank you for your question, my Firm does a great deal of work with second/family vacation properties in Maine and generational planning and transfer. A Trust is flexible and can provide for many options upon its termination, so the ony way to answer is to review the actual language. However, it would be typical for the Trust to provide for the trustee to convey the asset to the beneficiaries upon termination. The beneficiaries may be the same people (or not) as those who have rights to use the property presently, and may be different from the trustees, but in a single-generation transfer, they are usually all the same family members.
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