QUESTION
what does it mean in a trust " to be responsible for maintenance"
Asked on Apr 16th, 2021 on Estate Planning - Florida
More details to this question:
I have a life estate in my husbands family home. The trust states I am responsible for maintaining the property. Does this include replacing the roof. ? I live on my social security and since there were no funds provided for expenses like this, I am not able to do this. I submitted this question on or round 3-16-21 and did not receive a reply.
1 ANSWER
2 Awards
There is a difference between maintenance and repair. You and the remainder beneficiary may look at the damage to the roof differently. If you absolutely do not have funds, it may well be in the interest of the remainder beneficiary to take out a home equity loan to pay for a new roof (assuming that it is not covered by insurance).
Answered on Apr 17th, 2021 at 5:37 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.