<p>OK…since the house is in a trust with a trustee, it is my understanding that you MUST list your share of the value of this trust as an asset on the FAFSA because you are a beneficiary of this trust. </p>
<p>So…if there are four of you, your share would be 1/4 of the value of this house (selling price minus any loans on the house). </p>
<p>I could be wrong about this, but when we had a very similar potential trust situation, this is what we were told when we contacted the FAFSA helpline. </p>
<p>The college and federal government should not be expected to give you need based aid to protect an asset (even if it is a future one that is not accessible to you now).</p>