Legal Question in Wills and Trusts in California
My Mom passed away in California December 24, 2013. She left 2 properties - her home and her business (in los angeles) in a Living Trust & Last Will Testament. I was assigned Executor & Trustee Successor. Her home was left has as equal shares to myself and my sister. She has a lien of $257,000 & its appraised at $390,000 with mortgage payments of $1,500 per mth. The home is vacant and there is not enough funds to make the monthly payments. Do I need to wait 120 days to sell the house? My sister is interested in buying the house but needs more time for the funds is telling me that she just went to see a lawyer and was told that I cannot sell until after 120 has passed. Is this true? The house remains empty with mortgage payments from my pocket for 4 mths? Please someone help me.
2 Answers from Attorneys
You need the assistance of a trust administration attorney to guide you through the trust administration process for all of the legal questions you are asking. Yes, as to the 120 day question.
You do not have to wait 120 days to put the house on the market.
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