Legal Question in Wills and Trusts in New Jersey
If my mother has a living will and revokable trust that states upon her death her only asset which is
her house gets divided equally between her children and now wants to sell her home and gift
some of the money to her children and put the rest of the proceeds in an investment to use for
her needs and whatever is left then have her executor divide the proceeds to her children. Is this possible without changing her will and trust?
2 Answers from Attorneys
I seriously doubt that her Living Will has terms concerning the disposition of property. That is what a Will does, not a Living Will. A Revocable Trust could say that, but if it is revocable, she can do anything she wants with the trust property during her lifetime. Without looking at all of the documents, I cannot say this with certainty. However, what you are suggesting is certainly possible. Nothing, however, should be done until your mother consults with an attorney.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, before you take any further action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. Feel free to call me at 856-546-8010. If you mention LawGuru, there will be no charge for your first consultation. Good luck! Rob Gleaner
If it truly is a revocable trust, then she can do what she wants....however, she should still consult with an attorney and/or CPA before doing anything as there will be some implications.
Mike
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