Hpw best to address Trustee concerns regarding the handing over of Trust property?
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Hpw best to address Trustee concerns regarding the handing over of Trust property?
My father-in-law left a single property to be divided between 4 grandchildren and left my wife as Trustee. His intentions were that this property would remain in the family, considering he had his wife and himself buried there. Next year the youngest child will be of age. We have been paying the property taxes on this land for over 10 years, the children have different views on how to use this land and none of them are in a position to afford their part of the property taxes.
Asked on May 7, 2012 under Estate Planning, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The beneficiaries are ultimately responsible for the property taxes associated wtih the subject trust property. If the trust states that this property would remain in the family, then hopefully there is a provision in the trust allowing the buy out of interests of each of the beneficiaries if any one wishes to sell where the purchaser of a property interest would be a family member.
The best way to possibly resolve the matter is to consult with a real estate attorney about the best way to utilize the property for all concerned with a possible buy out provision of certain owners. One possible way would be to lease out the parecl to a third person where the beneficiaries receive the rentals.
The way to address the way to deal with the situation you are writing about would be to have a real estate attorney practicing in the area of Wills and trusts carefully read the trust and its conditions presently in effect.
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