Tenants In Common Question**************..Please Help!

[danieldowns]

I am in New Hampshire. My mother had her land and buildings in trust. Naming her trustee of the trust. When she died;myself and three siblings are named the beneficiaries. My eldest brother we nominated the trustee of the trust after her passing.
In the trust the "Duration" paragraph states termination is (a)the death of the trustee(at signing was my mother) or (B)expiration of 20 years(2016). Is the trust still valid?

I am being told the trust ended the day my mother died. Why then did we need to nominate a trustee?

Also in the trust documentation is paragraph "termination" which states the trust shall be terminated by trustees's own initiative or upon written request of a majority of beneficial interest,and the termination recorded at the Registry of Deed's**************

My siblings and I do not agree on a selling price,does that statement of Termination mean that the three of them can terminate by majority against me and sell the house at their price?

If the "Duration" paragraph is true, what value is the Termination paragraph?
I've been sent papers to sign which I'm told would make the beneficiaries "Tenants in Common". Does that result in:
1.Terminate the trust.
2.Make it possible that my siblings can sell at whatever price and I would have to accept because of them being the majority.

They've also threatened to "Petition the Court" for the sale of the house. How does that work?
New Hampshire

 

[anteater]

I've been sent papers to sign which I'm told would make the beneficiaries "Tenants in Common". Does that result in:
1.Terminate the trust.
2.Make it possible that my siblings can sell at whatever price and I would have to accept because of them being the majority.

When the assets in the trust are distributed to the beneficiaries, then the trust would be "terminated."

No, majority does not rule. If you do not want to sell your ownership, then you do not have to. The co-owners can sell their ownership interests, but there aren't many buyers who will want to but, say, a 3/4 interest in a property with a stranger owning the other 1/4.

They've also threatened to "Petition the Court" for the sale of the house. How does that work?

This is what happens when co-owners can't come to an agreement on a course of action. Do a search for "partition lawsuit."

 

[TrustUser]

i would have to read the duration clause to have any sort of opinion on it.

the termination clause, as you have stated it, seems a bit more plausible.

a trust does not end on a day that a person dies. your mom's trust most likely changed from a revocable trust to an irrevocable trust, on account of her passing.

one needs to read the trust to get the exact specifics about the trust. but it does appear likely that the majority beneficiary interest can terminate the trust. terminating a trust means re-titling all assets in the trust to another entity.

i think anteater's advice about partition lawsuits pertained to assets after they are distributed from the trust and into the names of individuals. he is usually right on with whatever advice that he gives.

but what you can do with an asset in a trust is totally controlled by the trust document itself.

but it is very likely that a majority beneficial interest can sell a trust asset. so it is probably best for you to have the assets distributed out of the trust. once an asset is out of the trust, the trust document no longer applies - and my knowledge of what to tell you goes way downhill - LOL. i know very little about partition lawsuits, other than just the very basics.