Legal Question in Wills and Trusts in Massachusetts
In MA.: in irrevocable trust, grantor deeds properties to sons with estate for life. who owns that property now,realizing nothing can be done with it (selling, renting)while grantor is alive. once she has passed, does property immediately belong to
the 2 sons(all of legal age)? if one of the sons should pass before his parent, do his children inherit his portion? I believe his wife would not? what can one change in an irrevocable trust? thanks
1 Answer from Attorneys
Without reading the trust no one can be sure. If it is a Qualified Personal Residence Trust then upon the death of the Grantor, the home would pass to the named beneficiaries. Usually, the trust would provide that if one of the beneficiaries predeceases the Grantor the interest of the beneficiary would go to his family. However, it does not need to be that way.
An irrevocable trust can be changed but apart from requiring everyone to agree, it can have Estate and Gift Tax implications.
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