What is the name of your state?
Florida
My son and I have been listed as beneficiaries of a (living trust) of the property (life estate) in which we have lived since 1999. My grandmother died in 2001. The trustee, my mother, has allowed the house to be sold and has said that the proceeds will be distributed to myself and my son. Being that the market is very slow in Florida currently, my mother said that she would just sign the house over to me, but then four weeks later she tells me that her attorney says this can't happen and the proceeds can only be distibuted when the house sells. My husband and I have now offered to purchase the house for a reasonable sale price since the money is supposedly going to be redistributed back to myself and my son anyhow. There is no mortgage on the house, there never was as my grandmother had this house built for us. We have it on the market for $229,000 which is well below market value. She is now saying we need to check with an attorney to see if this is even possible for us to do. She also says there would capital gains taxes to be paid, by whom I don't know. Then she says she thought she asked about doing a quit claim deed but didn't think this could be done either. Then she says she would sell it to me for a dollar! I'm not sure what to do and what my next course of action should be. By the way, she did send me certain pages of the trust, but there were several pages missing and I was told this was all the information I needed to see. Hope you can help.
Florida
My son and I have been listed as beneficiaries of a (living trust) of the property (life estate) in which we have lived since 1999. My grandmother died in 2001. The trustee, my mother, has allowed the house to be sold and has said that the proceeds will be distributed to myself and my son. Being that the market is very slow in Florida currently, my mother said that she would just sign the house over to me, but then four weeks later she tells me that her attorney says this can't happen and the proceeds can only be distibuted when the house sells. My husband and I have now offered to purchase the house for a reasonable sale price since the money is supposedly going to be redistributed back to myself and my son anyhow. There is no mortgage on the house, there never was as my grandmother had this house built for us. We have it on the market for $229,000 which is well below market value. She is now saying we need to check with an attorney to see if this is even possible for us to do. She also says there would capital gains taxes to be paid, by whom I don't know. Then she says she thought she asked about doing a quit claim deed but didn't think this could be done either. Then she says she would sell it to me for a dollar! I'm not sure what to do and what my next course of action should be. By the way, she did send me certain pages of the trust, but there were several pages missing and I was told this was all the information I needed to see. Hope you can help.