Legal Question in Wills and Trusts in California
Trust / pay off
My mother passed a couple of months ago. She had her house put in a trust. My sister and myself are co-trustees. My sister wants the house so she is borrowing money from a neighbor to pay me my share of the house. How do I go about receiving this money?
3 Answers from Attorneys
Re: Trust / pay off
Do not sign any documents transferring the property out of the trust to your sister until you get the $$. You can get a title company to ensure that this is done simultaneously. You should also arrange for an appraisal to determine the fair market value of your share before you agree to this arrangement. Note that sibling transfers are not exempt from reassessment. (Not your problem, of course.)
Re: Trust / pay off
You may want the trust reviewed and the house appraised before agreeing to this deal. Contact me directly.
Re: Trust / pay off
You should have a written sales agreement with your sister, and make sure there are no other trust assets or liabilities to take care of. You can receive the money directly, but I'd recommend consulting an attorney to be sure there are no other loose ends concerning your mother's trust or estate.
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