Coexecutors of Trust question

[Belindar702]

What is the name of your state? Nevada

My Father, who lived and died in California left a Living Will/Trust. He named his three children as coexecutors to this trust. The only real thing in the trust was his home which was still mortgaged. My brother listed the home for sale and has excepted an offer on the house. He has told me that he is the only signature needed to complete this sale and that my third would have a 30 day hold on it due to the fact I live out of state. I am trying to get answers to verify this info. There is a large family fight ever since my father died in 2003 and I do not trust my brother. As coexecutors would it not require all three of our signatures for the completion of this sale?

 

[FESTINA]

Does the trust document state that only one signature is required? If this is a trust, who are the trustees?

 

[Belindar702]

Signatures

I really do not have a copy of the trust to refer to.....I have seen it. I really do not remember reading anything stated about signatures. I can not reach the Legacy Living Trust company that my father used to prepare this trust and I can not ask my brother for a copy. As far as I remember reading all three of us were named as coexecutors/trustees.

 

[seniorjudge]

Q: My Father, who lived and died in California left a Living Will/Trust.

A: A "living will" is a power of attorney for healthcare purposes; it dies with the maker. A "living trust" is a trust agreement drawn up during the person's lifetime and can dispose of stuff after the maker's death.


Q: He named his three children as coexecutors to this trust.

A: Executors handle a will; trustees handle a trust.


Q: The only real thing in the trust was his home which was still mortgaged.

A: Was there other property of any kind (mixed, real, personal)?


Q: My brother listed the home for sale and has excepted an offer on the house.

A: If he excepted the offer, that means he rejected it; if he accepted the offer, that means he took it.


Q: He has told me that he is the only signature needed to complete this sale and that my third would have a 30 day hold on it due to the fact I live out of state. I am trying to get answers to verify this info.

A: The answers are in the trust agreement; if you are a co-trustee, you have an absolute right to see the trust agreement. I don't know why he wants a thirty day hold.


Q: There is a large family fight ever since my father died in 2003 and I do not trust my brother. As coexecutors would it not require all three of our signatures for the completion of this sale?

A: Again, the answers are in the trust agreement. What does the written trust agreement say about this situation?

 

[FESTINA]

I agree with seniorjudge. The answer is in the trust. It seems as if your father may have been a sole trustee. When he passed away, the living trust would have become irrevocable and the successor trustee taking over (your brother's actions would indicate that he was named as the successor trustee) and the assets split equally among the three beneficiaries.
I believe, (seniorjudge correct me on this) that you can ask for an accounting of the assets as a beneficiary. However, since the proceeds are not going through probate, it may not have to be given.
If I was the buyer of the property, I would certainly want to know that your brother is the only signatory to the sale and would still tread carefully.
Good luck

 

[seniorjudge]

It seems as if your father may have been a sole trustee. When he passed away, the living trust would have become irrevocable and the successor trustee taking over (your brother's actions would indicate that he was named as the successor trustee) and the assets split equally among the three beneficiaries.

All of this may be true, but we won't know till we find out the language of the trust.


I believe, (seniorjudge correct me on this) that you can ask for an accounting of the assets as a beneficiary.

True.


However, since the proceeds are not going through probate, it may not have to be given.

OP can still ask for the accounting; trusts generally do not go through probate. OP needs to file an action in the general jurisdiction court for an accounting.


If I was the buyer of the property, I would certainly want to know that your brother is the only signatory to the sale and would still tread carefully.


If I were the buyer, I would want title insurance (owner's policy)!