Assume spouse and I remain married. If we own property that is marital property
(house and land), and a trust has been set up for a Non-dependent child for the house and land— 1) If circumstances change for self and/or spouse, and we can no longer afford the property and need to sell it, can the trust be “undone” so that one or both of us can “cash out” of the property?
2) What if spouse dies, but, in addition to the trust, has willed their portion of the property to a non-dependent child-- can the surviving spouse sell the property? Would trust have to be “undone”? Could a trust be written with provisions so that child would receive property regardless of surviving spouses’ rights to it?
many thanks