Richard Kravatz
Junior Member
What is the name of your state (only U.S. law)? California
I am the Trustee of a Trust. The Trustor passed away a year ago so I am getting close to getting this trust settled. The Trust owns a piece of property worth about a million dollars and there are three beneficiaries to this property. Two are family members of the Trustor and one was a lifelong friend of the Trustor. The two family members want to buy the property. The third beneficiary wants to sell his 1/3 but not necessarily to the other two. The property has been appraised and in this down market it is not worth what it was about 4 years ago so the third beneficiary says he is willing to sell it to the other two but wants more than 1/3 of the appraised value and they don't want to pay him more than 1/3 of the appraised value. Yea, what to do. I can't force the third beneficiary to sell at any price for that matter but I am trying to get these people who all hate each other to agree on something so we can settle this. Any ideas ? I can distribute the property in thirds I guess and just let them fight it out later after I am out of this deal but if I do that it won't settle anything for them. Not sure what to do here. The Trust does say I can distribute to the beneficiaries in like or in kind so I guess I could sell the property and then just pay each one a third but that might get me in hot water as the Trustee. Never again will I agree to being a Trustee, what a pain in the butt.
I am the Trustee of a Trust. The Trustor passed away a year ago so I am getting close to getting this trust settled. The Trust owns a piece of property worth about a million dollars and there are three beneficiaries to this property. Two are family members of the Trustor and one was a lifelong friend of the Trustor. The two family members want to buy the property. The third beneficiary wants to sell his 1/3 but not necessarily to the other two. The property has been appraised and in this down market it is not worth what it was about 4 years ago so the third beneficiary says he is willing to sell it to the other two but wants more than 1/3 of the appraised value and they don't want to pay him more than 1/3 of the appraised value. Yea, what to do. I can't force the third beneficiary to sell at any price for that matter but I am trying to get these people who all hate each other to agree on something so we can settle this. Any ideas ? I can distribute the property in thirds I guess and just let them fight it out later after I am out of this deal but if I do that it won't settle anything for them. Not sure what to do here. The Trust does say I can distribute to the beneficiaries in like or in kind so I guess I could sell the property and then just pay each one a third but that might get me in hot water as the Trustee. Never again will I agree to being a Trustee, what a pain in the butt.