Legal Question in Wills and Trusts in New York
Trustee buyig from the trust
Can you tell me if it is legal for a trustee to buy property for themselves that is included in the trust and does the person that the trust is set up for have the right to know about the sale.
Asked on 1/28/08, 11:02 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: Trustee buyig from the trust
Unless the language of the trust document prohibits self-dealing, this is legal, but highly unusual. Presuming that the transaction will be arm's length, with full disclosure to the beneficiary who should be advised of the details and asked to approve it, and possibly be given the first opportunity to buy the property, it can be done. Facts about the nature of the transaction and why this unusual situation is being considered are mssing from your inquiry, which might change my reply.
Answered on 1/28/08, 12:06 pm
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