QUESTION
Can we sell the house now even if the will states that it should be sold after my father's death?
Asked on Oct 23rd, 2014 on Estate Planning - Wisconsin
More details to this question:
My father has now been declared incapacitated and is in a nursing home. He has the cash to pay for up to 8 months in the nursing home and then the Medicaid will pay. My question: His house has been in a family trust for 11 years and has a quick claim deed. In the will it states to sell the house in the event of his death. Can we sell the house now? The house is now in the names of the family as a trust and we can't afford to take care of it.
1 ANSWER
Your father's will becomes effective upon his death and will only control those assets titled solely in your father's name with no designated beneficiaries. Assets titled in the name of a trust are controlled by the provisions of the trust. You have indicated that your father's home has been titled in the name of a family trust for 11 years. Therefore, the trustee of this trust has the authority to manage assets owned by the trust and pursuant to the provisions of the trust. Whether your father's home is an exempt asset for Medicaid qualification purposes will depend on the type of trust established by your father. For example, is his trust a revocable living trust or an irrevocable trust? I would strongly encourage your family to discuss these matters as soon as possible with a qualified estate planning and elder law attorney.
Answered on Oct 27th, 2014 at 8:11 PM