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Old 03-23-2014, 09:01 AM   #1 (permalink)
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Join Date: Mar 2014
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Property in trust

One parent recently died and the other parent wanted to sell a secondary house that was in a trust for 3 children. Two of the children wanted to sue the parent to keep them from selling the property and 1 child did not. The case moved forward and settled out of court by the parent giving the property in the trust to the children.
The child that did not participate in the lawsuit does not have the money to put into the up keep of the property and is not made to feel welcome to use the property.

Under the trust they are all three owners of the property.

What are the rights of the beneficiary who is now the black sheep?
In regards to:
- accounting of the trust, which only has the property in it
- expenses of property
- or buyout of their third of ownership
shlp.3children is offline  
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Old 05-27-2014, 05:34 PM   #2 (permalink)
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Join Date: Oct 2012
Posts: 326
These all questions you need to ask the Trustee whoever that may be. The trustee is legally required to act in the best interest of all parties and if one of your siblings is the trustee they may not be fit to act as a trustee and it is possible to remove them.

If the trustee is a neutral party ask them these questions and see if you can come up with an arrangement that works for everyone.

Here is an article explaining the fiduciary duty of a trustee. http://www.legalmatch.com/law-librar...-trustees.html
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