Can I Stay In My House If Someone Else Is Trustee?
Individuals searching for a corporate trustee often wonder what happens to homes after incapacity or death. As a trust officer, I understand your concerns about who will care for your home if you can’t. The most common concerns are: 1) aging in place in my home; 2) selling my home after incapacity or death; and, 3) preserving my home for a beneficiary.
Aging in Place
Oftentimes, grantors want to remain in their homes. If you have sufficient income and assets to support receiving care at home, we will make every effort to support that choice.
There could come a time when you need more help and you can’t stay at home anymore. As things change, we work with you and your healthcare agent to determine a budget for your care. We have resources in the community to assist you in finding a place that fits your lifestyle and care needs.
In our capacity as trustee, we observe a wide range of experiences and outcomes when someone needs to move out of their home. The most graceful and positive experiences occur when you choose to move and have the luxury of time to select the place that suits you and to make the transition. A forced change due to a health event or incapacity will be more challenging and frustrating for you.
Selling a Home after Incapacity or Death
If the trust maker moves on to a new living arrangement or dies, the home is prepared for sale. Mission oversees the sales process and starts by cleaning out the home. We remove and safekeep confidential information, valuables, and items you want gifted to a specific person. We follow your trust or will’s instructions regarding your personal property, which could include an estate sale, giving the property to loved ones, or donating it to charity.
In a majority of cases, we appraise and inspect the home to determine its value and what needs repairing to prepare for sale. Mission hires only licensed bonded professionals to work on homes to protect your trust from liability and shoddy work.
When a home is empty and repairs are made, we begin marketing the property for sale.
Keeping the Home for a Beneficiary
Sometimes the home is left to a family member to live in for their lifetime and the trust pays for the maintenance. In that case, we work with the beneficiaries living in the home to meet their needs according to what the trust document says. Annual inspections are also performed for safety and maintenance. Repairs are then performed as appropriate.
Many corporate trustees don’t accept trusts with real estate. As an independent trust company, Mission follows the wishes of the trust maker, which include a desire to age in place at home or to pass valuable real estate to the next generation. Our flexibility enables us to accept trusts with unique assets like homes and other real estate.
If you would like more information on how Mission can help you with your trust and home, please contact us at Info@missiontrust.com. Let us protect your legacy.
By Leah Geistfeld, Trust Officer
Mission Management & Trust Co. does not provide legal or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. We advise you to consult your legal and tax advisors regarding legal and tax matters.