Legal Question in Wills and Trusts in Virginia
my father has all his assets ia trust. he is in charge of the trust. at his death three siblings are equal partners in the trust with no one person in charge, in decisions is it majority rule on decision making or do all three have to agree on distubutin of assets?
Asked on 11/10/09, 5:16 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Very likely depends upon the wording in the trust itself regarding this issue and if it's not addressed, then the nature of the asset(s) to be distributed. As an example, real property would likely require the assent of all three of the siblings to sell or the agreement of one or two to be bought out by the other(s), whereas funds in a savings account or shares of stock in a brokerage account could simply be divided among the three heirs.
Answered on 11/16/09, 9:24 pm