If a Trust that my parents set up ends in 5 months and at that time the house will be turned over to my brother and I, can I make him buy me out?

Get Legal Help Today

 Secured with SHA-256 Encryption

If a Trust that my parents set up ends in 5 months and at that time the house will be turned over to my brother and I, can I make him buy me out?

Once we both own the house, so I have no recourse do I? I can’t have him evicted since he owns half. He could just stay ther, and I would have to pay for half of the expenses. Is there a way I could make him buy me out for fair market value? He says if he buys me out, he is taking off 6%, because we didn’t have to hire a real estate agent. lol. Anyway. I am worried. I don’t have this kind of money. He has lived there for free for 4 years and the trust won’t do anything. I just want my fair share. Nothing more.

Asked on July 22, 2012 under Real Estate Law, Florida

Answers:

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

Answered 9 years ago | Contributor

Then maybe you need to speak with an attorney.  If the trustee has not been charging him rent in one way or another - like paying the insurance or for repairs - then he or she could be seen to have breached their fiduciary duty to you.  You have the same rights as he does and that is possibly your bargaining tool here.  You can also speak with the attorney about what is called an action for partition, which asks the court to take jointly owned property and divide it in two.  With real property the courts order a sale and the proceeds split equally between the parties.  But you should have a set off for the money that should have been coming in to the trust from the "rental" of the property.  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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption