Can a beneficiary of a trust get a monetary share of a property inheritance?

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Can a beneficiary of a trust get a monetary share of a property inheritance?

My grandmother’s beach property is the only asset in her revocable trust. Her 6 kids are her beneficiaries of equal parts of the property. She died and also has a Will that gives the property equally to her kids. Can a beneficiary ask for a monetary equivalent of their share of the property and in essence be bought out? There is nothing in the trust documents that prohibits this. In addition the property costs the beneficiaries their own money to use.

Asked on January 30, 2012 under Estate Planning, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

One would have to read the trust document completely to be sure about the guidance here but basically what you are asking is if you can be bought out of your share by the others, correct?  Yes, you probably can if they are willing to do so.  The particualrs of the when and how much should be directed to an attorney who can rview the matter on your behalf.  Good luck.


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