Explanation of Revocable Trust Agreement

[Well Being]

What is the name of your state (only U.S. law)? Florida

I would like to know if the following amendment binds the Grantor to reimburse the amount to the Beneficiary's heirs, in case the Beneficiary passes away before the property is sold. Also, in this instance would the Grantor be liable to make the reimbursement at the time the Beneficiary passes, even if the property is not sold?

First Amendment to Revocable Trust Agreement

Article II A Dirstribution: Shall be restated in its entirety as follows:

During the lifetime of the Grantor, and upon the sale of the property located at ****, the Trustee is instructed to execute the following distribution: the sum of forty thousand dollars shall be paid to *** as payment in fukl of the monies loaned to Grantor for the purchase of the property located at ***. In the event the payment is not made during the lifetime of Grantor, the Trustee is instructed to make said payment in full upon Grantor's death.What is the name of your state (only U.S. law)?

 

[anteater]

Is there any separate loan agreement between the grantor and the "Beneficiary?"

(I would stop referring to the person to whom the loan is to repaid as a "Beneficiary.")

If there isn't a separate loan agreement or some additional provisions in the trust, you have a real interesting question that likely would need the attention of an attorney with access to all the documents.

 

[tranquility]

"During the lifetime of the grantor" means the trust is still revocable. The clause would have no legal meaning if the grantor decided to remove or change it.