Could Quitclaim Deed work for this situation?

[lisach]

Jurisdiction

West Virginia

I understand mitigating circumstances, trust provisions, and state regulations could affect the answer, but in general....

We have a family trust that owns a large tract of remote timberland. 1 of the beneficiaries wants to make a distribution request. Without dividing up the tract, Could a Quitclaim deed be used to transfer interest to the beneficiary? Is there a better instrument that could be used? Could this interest then be willed to descendants?

 

[army judge]

Could a Quitclaim deed be used to transfer interest to the beneficiary?

Potentially, but seeking legal advice regarding important financial matters from your attorney is the best way to proceed.

Is there a better instrument that could be used? Could this interest then be willed to descendants?

If a trust controls property, a will is meaningless.

Again, retain an estate or trust attorney to advise and direct you.

 

[adjusterjack]

1 of the beneficiaries wants to make a distribution request.

Why does this beneficiary want to do this?

The why is very important in determining how it gets accomplished.

 

[zddoodah]

We have a family trust that owns a large tract of remote timberland.

Are you a trustee or the trustee?

1 of the beneficiaries wants to make a distribution request.

Wants to make or did make? What is the request? How many total beneficiaries are there? Are all beneficiaries similarly situated, or do some of the beneficiaries have greater interests than others? Does the trust instrument allow for the distribution that this beneficiary has requested or wants to request?

Could a Quitclaim deed be used to transfer interest to the beneficiary?

A quitclaim deed is a deed by which an interest in real property may be transferred from one person/entity to another.

Is there a better instrument that could be used?

Better from whose perspective and in what regard?

Could this interest then be willed to descendants?

Depends on the nature of the interest transferred.

 

[lisach]

Potentially, but seeking legal advice regarding important financial matters from your attorney is the best way to proceed.



If a trust controls property, a will is meaningless.

Again, retain an estate or trust attorney to advise and direct you.

yes working on that now.

 

[lisach]

Why does this beneficiary want to do this?

The why is very important in determining how it gets accomplished.

The beneficiary wants to do this as "potentially" the quickest way to remove the access from another beneficiary thereby protecting the asset from Medicaid SPEND DOWN requirements and ASSET RECOVERY down the road.

 

[army judge]

The beneficiary wants to do this as "potentially" the quickest way to remove the access from another beneficiary thereby protecting the asset from Medicaid SPEND DOWN requirements and ASSET RECOVERY down the road.

That tactic often ends up costing MORE, not less.

Uncle Sammy scrutinizes that tactic very closely!!!

 

[zddoodah]

The beneficiary wants to do this as "potentially" the quickest way to remove the access from another beneficiary thereby protecting the asset from Medicaid SPEND DOWN requirements and ASSET RECOVERY down the road.

You didn't answer any of the questions I asked, but this explanation tells me that the trustee(s) would be complete fool(s) not to retain legal counsel in relation to the beneficiary's request.