(mis)trust issue

[anniep]

What is the name of your state? Oregon, but issue is in California
My uncles house was willed/trusted to my 3 sisters & I. Cash/tangibles left to stepdaughter, she took cash/valuables. 2 of sisters are coadministrators. They said house could not be sold for 3 yrs, as it would revert to cash & become stepdaughters. 1 sister, then another has lived in house & pd expenses, now neice is. It's been 5 yrs now, nothing. House is worth $575,000, easily sell $500,000. They want to sell to investor for $375,000. They won't ask my opinion & told me it doesn't matter. I am in Oregon. House is in Southern California. Have asked for copy of will/trust, not received. How can I get sisters to do the right thing & sell this house for fair market value, now?What is the name of your state?

 

[divgradcurl]

What is the name of your state? Oregon, but issue is in California
My uncles house was willed/trusted to my 3 sisters & I. Cash/tangibles left to stepdaughter, she took cash/valuables. 2 of sisters are coadministrators. They said house could not be sold for 3 yrs, as it would revert to cash & become stepdaughters. 1 sister, then another has lived in house & pd expenses, now neice is. It's been 5 yrs now, nothing. House is worth $575,000, easily sell $500,000. They want to sell to investor for $375,000. They won't ask my opinion & told me it doesn't matter. I am in Oregon. House is in Southern California. Have asked for copy of will/trust, not received. How can I get sisters to do the right thing & sell this house for fair market value, now?What is the name of your state?

Why do they want to sell to an investor if they could get more for the house on the open market? Is there any self-dealing involved (i.e., is the investor giving a kickback to the 2 sisters, or is their some relationship)? Otherwise, it doesn't make much sense. As trustees, your sisters a legally obligated to sell the property in such a way that is provides the most benefits to the trustees. It may be worth sitting down with a local attorney --preferably one who has knowledge of California trust law -- who can review all of the facts of your situation and advise you accordingly.

 

[Just Mike]

I have a question after reading the above posting. Why would the sale of the home revert to cash if sold in "less" than 3 years ? Is there something magical about this three year deal ?

Just my opinion of course based on no knowledge but if the sisters want to sell to an investor for less than they could sell the home on the market I would say there is some real hanky panky payoff to the sisters after the fact going on. Doesn't sound right to me.

 

[Dandy Don]

If you think you are named as a beneficiary in the will and/or trust, you need to be requesting a copy of both of the documents by certified letter to the trustee or asking your trust attorney to send the letter to the trustee on your behalf. You are automatically entitled to that by California law, and the fact that they have not already provided them means their actions are somewhat suspicious (could they be stealing from the trust and not wanting anyone else to find out about it?). Do not decide on the disposition of the home until you have seen exactly what the trust and/or will says about it, and if there is a probate file you need to be reviewing the file to see how the estate was handled and also asking for an official accounting of the trust which is also your right as a beneficiary. Then review your options with a trust attorney.

DANDY DON IN OKLAHOMA ([email protected])