Legal Question in Wills and Trusts in California
Hello, My question to you is: Why couldn't they Quick Claim the Deed to me and retro-actively adjust the Trust since they are the ones who created rhe docuement in the first place? Is this all a bunch of red herring objections?
In 1994 I entered into an equity mortgage with my parents to buy a house with the understanding that at a not too distant time in the future, I would be able to buy them out. Instead of renting, I wanted to buy my own home but they said "no, we don't want your money" or ".we just want repayment of principle not interest." In 2006, my now elderly parents created a trust. Spring 2010, while discussing Trust documents she showed me a "to Do" list and an item stated "Need to put title of (my home address) Property into Trust". I left confused, it wasn't until later that I figured out that after paying all my life , all my mortgage and tax payments that I would be Tenants in Common with my 3 siblings. After some harrowing times, fortunately, a family therapist became involved and they agreed to Grant Deed the property to me via Quick Claim but first they would have to "take it (it no longer meant just loan repayment but instead appreciation) out of my share of the Trust". I was so happy at first, all I wanted was what I paid for. I Finally got a letter dated Aug. 2nd from my parent's Trust Lawyer stating the above but no time table. That was over 3 months ago. The last time they told me it would be 2 weeks (until it was done) was at least 3 weeks ago.-Thanks, Matt Liddicoat
1 Answer from Attorneys
If it is an irrevocable trust then it can not be changed. A normal trust can be changed when ever they want; their lawyer should be able in ten minutes or less to tell them how to do it, so there should not be the delay that is occurring, except they probably are having second thought about "giving" you the house. You should prepare all the paperwork and give it to them to sign and transmit to their attorney for his/her approval.
You should sit down with your parents as they may be confused by what is going on. Point out to them that you have made all the payments on the house, thanks to their kidness in giving/getting the loan, but their plan as to the trust is confusing. Have you actually bought the property from them so that you have the title and they could not put it into trust, only the debt you owe them. If they retained title and want to collect all that appreciation, in effect they owe you for all the mortgage, tax,etc. payments less the reasonable rental value as you were really a tenant who instead of paying rent directly paid the costs of the landlord.
If you trust any of your siblings to be honest and fair, have them at the meeting with your parents so they can verify what yo tel lthe other siblings is true. Work up some figures for your parents showing the initial value of the house, rental value, payments you have made, etc., what each sibling will get, ec. Use the figures t show that under their current plan you get the least of all the children, instead of their being an equal distribution. It might help using a large number of coins or small pieces of anything to show what you are talking about.
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