Can I buy my siblings interest in a real property held in an irrevocable CA trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I buy my siblings interest in a real property held in an irrevocable CA trust?
I am the trustee on an irrevocable trust. It only has my mom’s home in it. My
mom is deceased and we have to make decisions about the property. I have 8
siblings and we are to share equally. If they are willing, can I buy out my siblings
interest? The home is in California.
Asked on March 31, 2017 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
I am so sorry for your loss. If I were you I would get an attorney to help you with the details about administering the Trust. As the Trustee you have a huge fiduciary duty to the other beneficiaries and one step out of place could hold you personally liable. Generally speaking if the Trust allows for the sale - either to you or some one else - then yes, you likely can. But the property needs to be propely appraised and there may be reporting issues, etc. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.