Legal Question in Wills and Trusts in California
I am the executor of my parents CA trust. I live in CA, my sister in UT. I have spent countless (non payment) hours working two of the three CA properties my folks own free and clear. One a Duplex, one a commercial property that has a nice home in front of the shop. Both are in San Jose. The third property is a little shack in the central coast. Upon the last tenant leaving one of the units at the duplex, there was a need for new windows, new roof, termite work etc. I asked my sister that before I started any of this work I wanted to be sure she wouldn't want to sell everything the minute my Mother passed away. She said we would continue to rent. Today (7 months later and my Mother's passing) she said she wanted all work stopped at the duplex. Not to rent it. "Freeze all assets" as she put it. And that she wanted to sell everything. The work is nearly finished at the duplex which consists of minor fine tuning in the amount of no more than 1,000.00. She said: "if you want to continue the work there then use your money to finish it, not the estate money." Along with these properties there is cash of 400K. I think it would be literally stupid to sell these properties at this time. Again, I am the executor. What power do I have regarding this? Her name is listed with mine in the financial durable power of attorney chapter of the trust. Thank you for any thoughts you may have. My appt. with the Trust Attorney is nearing but I don't know if I should stop the work that's nearly complete. And being the executor, do I have to sell if I don't think it's the right time to do so?
3 Answers from Attorneys
Since you are the trustee of the trust and presumably the trust gives you the authority as trustee to buy, sell and manage property in your discretion, then you do not need to stop the work.
If you already have an attorney representing you, you should direct these questions to him or her because they have the benefit of knowing the terms of the trust and the trust assets.
Powers of attorney end upon the death of the person granting the power. Ms. Rouse is correct.
You do need to see the trust attorney. It could be that to NOT continue with repairs that were necessary, you would breach your fiduciary duty as trustee.
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