Legal Question in Wills and Trusts in California
Executor of Trust with no power
I was named the executor of my mothers trust. In the trust it states that upon her death the trust is to distribute her house to me solely. I have 3 brothers whom have interest in the property as they are named beneficiaries. The trust reads that I have up to 2 years from the date of death to decide if I want to sell or purchase the property. But no matter what I have to divide it with my 3 brothers. Since the trust reads upon her death the house is to be distributed to me, does that mean I divide what the house was worth then at the time of her death or do I divide the value of the house at the time I sell or purchase it? The trust does not specify. And if I decide to purchase this home, who distributes the proceeds, me or escrow? Also, since the house is paid for in full, can I put the house in my name and then go and get a loan without putting my brothers on title?
3 Answers from Attorneys
Re: Executor of Trust with no power
You are asking questions which, if answered, could get some attorney in trouble. Having not read the trust, no one can give you a difinitive answer to some of your questions.
Make an appointment with an attorney who works with trusts, and pay for the kind of detailed advice you are asking.
Re: Executor of Trust with no power
It's difficult to answer the question without seeing the trust, but it sounds like you have a right to stay in the house for two years, and then distribute the proceeds to the three of you. If you want to purchase the house, see a trusts & probate attorney to structure the deal--as a trustee and a buyer, you have potentially conflicting interests, so you will want to protect the beneficiaries and yourself by handling this the right way.
Re: Executor of Trust with no power
If the language of the trust is unclear, the trustee (you) can petition the court for instructions. I will be happy to help if you need further help.
Mina Sirkin, Esq.
Certified Specialist, Estate Planning, Probate and Trust Law, State Bar of California Board of Legal Specialization
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