ADDITIONAL INFORMATION:
There is a family trust that holds land (it’s only asset) and 1 of the members died leaving his share to his child. Does the land need to be re-deeded to include the child who is an adult?
ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU:
The trust owns the real estate. If a Trustee dies, that death is addressed on the deed transferring the real estate out of the trust, whether by a sale to a third party or a distribution to a beneficiary. If a beneficiary of the trust died, the the trust document itself would address what to do with the beneficiary’s share of the inheritance.
Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice. Circular 230 Disclaimer: Any information in this answer may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
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