Legal Question in Wills and Trusts in Arizona
living trust
As successor trustee, I'm having trouble selling the last piece of property-a vacant lot in Arizona. I am also the primary beneficiary at 50%.Am I allowed to simply tranfer the property to myself and compensate the other 2 beneficiaries at the close of the trust?
2 Answers from Attorneys
Re: living trust
It will be safer to get a stipulation of the beneficiaries as to how to dispose of the property. In the absence of that, I agree that the safest route will be to deed the property to the beneficiaries in their respective shares. Of course, without all the facts and documents, we cannot give you a definitive answer here. You could consult with an attorney if you need to. It is always advisable for a trustee to get legal advice.
Good luck.
Re: living trust
It depends on the terms of the trust. Usually, the trustee is given discretion to distribute in cash or in kind. If so, transfer the property by Trustee's deed to the heirs in proportion to their shares. They you can negotiate any resolution you wish with your co-owners.
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