Legal Question in Wills and Trusts in California
Grandmother passes away 5 months ago. Heirs are being
told that most of Grandmas money was tied up in a
Private R.E.I.T..This fellow who guided grandmas money
into this investment explained what was so great about
owning real estate shares was that we could sell them
back at any time for the 10 dollar share price.Keep
in Mind Grandmas 94 years old when they buy these shares.
So times passes. I read that this REIT has suspended
its share buy back program.
The trust is planning to distribute grandmas remaining
assets as Stock Transfers. Stock ? Whats the value of
shares if this the issuer doesnt want to buy them. It
seems the value of these shares on the secondary market
may be only 3 or 4 dollars a share.
It seems like the trust used terrible judgement here.
Do I have any recourse ? I am 55% beneficiary
1 Answer from Attorneys
You may ask the trustee to transfer the shares directly to you so that the trust does not have to sell the shares at such a low price due to illiquidity. Once you have possession of the shares, you can try to sell it to third parties or wait until buyback from the company.
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