Legal Question in Wills and Trusts in Arizona
Selling my interest in a testamentary trust
I am one of the beneficiaries of a testamentary trust with the language below. I would like to petition to trustees so that I can sell my share of the trust to another person or to another beneficiary. Can I do this? thanks.
I GIVE my House Number XXX aforesaid to my Trustees UPON TRUST
to lease the same for such periods as they may deem fit at
the best rents to be obtained therefore and subject to such
covenants and conditions as they may deem fit and to pay
annual rents from my said property (subject first to the
payment of ground rent, insurance premiums, house rates,
repairs, other outgoings and the cost of any attendant
renovations thereto) to my children in equal shares during
their respective lifetimes and upon death of each of
my said children the proportion of the net annual rents to
which he or she was entitled during his or her lifetime
under the provisions of this Clause shall go to and
devolve upon his or her respective children.
2 Answers from Attorneys
Re: Selling my interest in a testamentary trust
No proper answer to your question can be given without a thorough examination of the entire trust document, and possibly the will of the trustor as well. Many trusts have prohibitions against assignment by beneficiaries.
This is an unusual trust provision in a modern estate plan. More information needs to be known. There is always the possibility of a judicial modification of a trust, which is something I do in my law practice, but again, the entire document and estate plan would have to be examined, and more information about the rental property is needed.
See an estate attorney. You are always welcome to visit with me on this issue. We offer free initial consultaions. For more information see our blog at JenkinsLawCenter.blogspot.com
Best regards,
James D. Jenkins
Re: Selling my interest in a testamentary trust
You need to understand what exactly is your "interest" in the trust and what are the terms of the trust agreement that the Trustee administers. Basically, you have the right to a portion of the income during your life time. You may be able to assign your right to receive the income (if the agreement allows) for a payment now, the amount would be open to question as well.
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