I am the trustee for my Dads revocable trust. He passed 2 years ago. I lived with him the last few years in his house in SC. It was part of his trust. I can buy or sell property etc according to the trust. If I sell this house, can I purchase another house in the name of the trust? I know I can in SC....but unsure with it being in another state???
(1) Does your Dad's Trust require that you make a distribution of all property owned by the Trust at some point? (2) If you sell the house and make a distribution to yourself, why not simply establish a NEW Living Trust for your own Estate? I recommend sitting down in person with an Estate Planning attorney in a free consultation and discuss the matter after he or she reviews the existing Trust document.
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I'm sorry for the loss of your father. It looks like he had planned in advance and had carried through that planning by properly funding his home in SC to his trust.
Whether you can sell and buy a new home depends on the trust agreement itself. First, make sure that his trust was administered after his death to carry out the post-death plan he prescribed. That way you'll discover the powers you now have over that property. You probably need an attorney to help you figure that out.
Usually, there isn't a problem with changing states so long as you already have the power to sell/buy real estate in the trust if you have a continuing trust. You may also own the home outright, in which case, you'd have no restrictions on sale. But I don't have enough information to tell. Please contact a local estate planning attorney. You can find them through Avvo's Find a Lawyer and checking with friends for their recommendations too.
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Your Dad's trust will contain the answer to your questions. Unless the trust specifically prohibits purchase of property in another state, and I can't imagine why it would, if it allows the Trustee to sell, buy, or transfer property then you should be able to do all those things - wherever the property may be located.
Practicing in South Carolina and Florida, in the area of Estate Planning and Elder Law, with a particular focus on Special Needs Planning for the care of disabled children and adults.
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