If I’m the sole executor of a Trust that includes a rental property I will inherit in equal parts with a sibling, am I the sole decision maker regarding the property?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I’m the sole executor of a Trust that includes a rental property I will inherit in equal parts with a sibling, am I the sole decision maker regarding the property?

Specifically, with respect to setting rents, putting money from rents aside for maintenance and, selling the property?

Asked on November 28, 2012 under Estate Planning, California

Answers:

Victor Waid / Law Office of Victor Waid

Answered 10 years ago | Contributor

Yes, but you have a major fiduciary duty to maintain and preserve  the asset and account for all income and expenses, including keeping the property insured, for all named beneficaries of the asset named in the trust, and providing an annual accounting to the beneficiaries. You are obligated to follow the terms and provisions of the trust.


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 lock Secured with SHA-256 Encryption