Legal Question in Wills and Trusts in Virginia
Trustee - Gift
My late Grandfather has a bit of NC property (7 lots w/1 bearing a house) in a ''living trust''. Grandparents had 5 kids (my Father and Uncles), 2 of them former trustees. The new trustee (a court-appointed attorney) has determined, in the best interest of my Grandmother, the NC properties be liquidated to provide for her living expenses.
My Grandmother verbally stated ''I want to give *me* the beach house'' on several occasions, to myself and others in the family.
I've solely maintained the dwelling and 2 lots since 1997 without monetary compensation. An inventory of my time spent and projects completed over the last ten years will prove an equity increase or at minimum an equity stabilizer.
My questions are:
1. Am I on the right track with the matter of acquired equity? Can the ''acquired equity'' be legitimately reduces from the asking price, thus provide me with a lower starting bid?
2. How much control does a court appointed trustee have over the selling price. In other words, should I consider finalizing a selling price with the Uncles before approaching the trustee?
3. What action, if any, should be taken in my Grandmothers wish to ''give *me* the beach house''?
1 Answer from Attorneys
Re: Trustee - Gift
You would be well advised to work out a proposed offer for the beach property
with the other trust beneficiaries before approaching the trustee after he
or she has arrived at an asking price for the property. If this price is substantially above the price you and your uncles have in mind, then you could suggest that the price be negotiated and that the trustee should take into consideration the monetary contributions which you've apparently made to this property since 1997.
However, if the trustee finds that your offer for this property unacceptable, he or she as a fiduciary entrusted and charged with administering the trust in your grandmother's best interests, is free to sell the property to anyone who is prepared to pay the trustee's asking price.
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