Before my mom died she created a trust that was split between a number of beneficiaries. One of the beneficiaries wants to move into her home to avoid paying rent on their current apt. Are they required to pay rent to the estate (or take what their rent would be out of their share of the estate)? If so, how is the rent amount determined?
Answer
1. Legally yes, but is up to the other beneficiaries to decide.
2. Start at Fair Market value.
Answer
The personal representative or trustee is in charge and can determine the rent.
Answer
The Trust controls what happens with the property. The documents need to be reviewed. Seek legal advice.
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