Can utilities be paid out of the Corpus of an irrevocable living trust?
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Can utilities be paid out of the Corpus of an irrevocable living trust?
I am the trustee of an irrevocable living trust which has purchased a property. My Mother is the life income beneficiary.
Question – as trustee, can I pay utilities Gas, Electric, Oil, Water, House Insurance on the property out of the principal Corpus portion of the trust?
Thank you
Asked on February 14, 2018 under Estate Planning, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
It depends entirely on the terms of the trust--that is, what do the documents creating the trust allow or authorize? How much discretion do you, as trustee have? Etc. Trusts are governed by the papers creating them: the trustee can do whatever *that* trust specifically directs or authorizes, and nothing else.
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