• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Property held by trust

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

weniki76

Junior Member
This is for the state of California.
Can the Successor Trustee of a Trust sell property held by the trust for any amount of money without having the beneficiaries being able to bring any type of legal action against the Trustee.
 


TrustUser

Senior Member
it really depends on how the trust was written.

the way i write mine is that i give the successor trustee an immediate ability to open savings types accounts with which to have a safe place to deposit funds when received.

but to buy any other asset, the successor trustee must get permission from the beneficiaries.

and then i stipulate a process by which the beneficiaries vote, so they can give the trustee a yes or no.

but in your case, you need to get a copy of the trust, and see what it says. if you cant figure it out, consult a specialist.
 

weniki76

Junior Member
The Trustee is selling the property held by the trust. The only time beneficiaies are mentioned is when it comes to the distribution of the assests. Then it says that the assests should be divided equally among the 3 beneficiaries. What I want to know is, do the beneficiaries have any say in how the property should be sold or is it left up to the Trustee?
 

Kiawah

Senior Member
Check the language of the trust document, as it pertains to the responsibility of the trustee(s).

It could give the trustee sole discretion on those decisions, or could have the beneficiary share in some of the decision making, or everything in between. It could also have language that triggers responsibilities on specific dates or events. It all depends how the trust document was written.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top