QUESTION

Can real estate property already in an irrevocable trust be changed to name a new owner?

Asked on Jun 08th, 2015 on Trusts and Estates - New York
More details to this question:
Mom wants to change who gets her house when she passes. It was placed in an irrevocable trust 6 years ago and she has life rights.
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1 ANSWER

Estate Planning Attorney serving Goshen, NY
3 Awards
It depends upon whether trust provides to your mother a lifetime and/or testamentary "power of appointment" to "appoint" the house to one or more beneficiaries other than the person(s) who would presently receive the home under the terms of the trust. A power of appointment, if included in the trust instrument, must be exercised as provided in the instrument, or as otherwise authorized under state law.
Answered on Jun 15th, 2015 at 12:25 PM

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