Legal Question in Wills and Trusts in California
If me and one other person are the trustees on a nonrevocable trust that has two rental properties in it, what happens when the person passes? Are we required to set up a joint account to manage the property? what if one wants to sell and the other doesn't? California law. Where can I find more information on what to expect?
3 Answers from Attorneys
The terms of the Trust determine what your duties and powers are as trustees. Without seeing the trust none of us can really say much more.
The Trust will set out what happens when a co-Trustee dies. Without seeing that, one cannot say properly.
As the other attorneys have stated, the terms of this particular trust will state how its provisions are to be carried out once the Trustor passes away. Most trusts, including irrevocable ones, provide for distribution in a particular manner. For example, if the trust states that the trust property is to be equally divided between the beneficiaries, the property would either need to sold or the beneficiary that does not want it sold could buy the other beneficiaries' shares. You should consider having an attorney review the trust with you.
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