The house is the only thing in the special needs trust., who is responsible for paying homeowners insurance and property taxes?

  • by keith
  • May 19,2017
  • 5 answers

The house is the only thing in the special needs trust., who is responsible for paying homeowners insurance and property taxes?


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Insurance Answers (5)

mbrcatz 6 months ago

If there's no provision for the taxes and insurance for the house in the trust, the trustee of the trust should probably sell the house. Otherwise, maybe the beneficiary of the trust wants to pay the insurance (which will be hard to place - after all, the house is NOT owner occupied) and taxes.
If you don't want to pay the taxes and insurance, then the trustee needs to sell the house, and use the proceeds to pay for an apartment for you.

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Insurance Pickle.com 6 months ago

Nobody is really "responsible," but the beneficiary of said trust would want to make sure it's paid. So, if no resources were set up to pay it, then I could see that as being an issue. With limited information, it doesn't sound well thought out. Did you ask the trustee?

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Robt 6 months ago

We don't have a clue obviously cause LAWS vary greatly duh

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The Kiing 6 months ago

d

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shipwreck 6 months ago

The trustees would pay the bills for the trust with the money in the trust. The trust may be renting out the property for the benefit of the special needs person so they can use that money for the bills.

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