questions about executor duties

[oohlalaw]

Background
Our parents left us 2 siblings their home in California; there are no other assets. Probate is not involved since the trust terms are simple (50/50 split of the home). My brother is executor (successor trustee) and wants to buy my half of the home, but he offered a price that is far too low for me to accept. So now he has listed the home with a broker of his choice but will not tell me about offers/bids and says he has the right to reject bids/offers.

Questions:
1) Is there a way I can find out about offers/bids? I fear he might claim there are none, then try to pressure me into selling my half to him.

2) Can he force me to sell to him at an unacceptably low price? Thanks.

This message applies to California.What is the name of your state (only U.S. law)?

 

[tranquility]

1. No.
2. No.

He cannot benefit himself over you, so even a sale could be problematical. Why does he want to sell the house? But, all you need to do is to get comps on the property (maybe even Zillow) to know if the sale price is a breach of his fiduciary duties or not.

 

[oohlalaw]

Why does he want to sell the house? But, all you need to do is to get comps on the property (maybe even Zillow) to know if the sale price is a breach of his fiduciary duties or not.

He wants to hold onto it for some years until the real estate market improves and then sell it to make a higher profit when home prices are higher.

We had some appraisals done (these include comps). I offered to sell my half to him at the appraised value, but he wanted me to drop by 15%, which I do not want to do. My worry is that he says things will get unpleasant if I don't do things his way. I don't know how far he wants to go with this.

Thanks.

 

[tranquility]

If all the trust holds is the house, why is it not distributed yet? If you're concerned, get an attorney. There is no way we can read the trust or know the reasoning here.

 

[oohlalaw]

If all the trust holds is the house, why is it not distributed yet? If you're concerned, get an attorney. There is no way we can read the trust or know the reasoning here.

The house is the only asset. All the contents have been distributed or given away to charity. There are no other assets (no cash, no stocks, etc.). Our father ran out of money a few months before he passed.

The trust instructions are to sell the house and split the income 50/50. I assumed that selling the home and then splitting the earnings is a way to distribute this asset. Is this correct, or if not, can you refer me to any online articles or sites about this? I'd like to learn more about it before deciding whether to consult an attorney. Thanks.

 

[anteater]

If the trust says to sell the property, then the trustee should be selling the property. If you do not retain an attorney to hold the trustee's feet to the fire, you will get nowhere.

He wants to hold onto it for some years until the real estate market improves and then sell it to make a higher profit when home prices are higher.

Great... Another amateur real estate market analyst!

In behavioral finance, this is known as "anchoring."