I own office building that is inside a irrevocable trust? If I sell it will all the proceeds go to the trust,
2 attorney answers
If the building is titled in the trust on the deed, it is trust property (principal). How proceeds would be allocated is almost entirely dependent on the terms of the trust instrument. Since any misinterpretation of the trust instrument's language could be catastrophic in terms of collateral damage to the beneficiaries, and liability on the part of the fiduciaries, an experienced trusts/estate planning lawyer should review the instrument with the trustees and issue a formal, written legal opinion to the trustees and the beneficiaries before any transaction takes place. This will hopefully preempt any disputes or litigation regarding the trust over any aspect of the contemplated transaction. Best wishes to you this holiday season.
Yes. If the building is inside an irrevocable trust, you do not own it, the trust does. You should contact an attorney to sort out what you own and what is in a trust and to ensure you are operating the trust properly, if you are the trustee.