Q: How to ensure trust property division.
House is in a trust left to 5 siblings. 1 sibling wants to cash out. 2 of the siblings are willing to buy him out. How do we record the transaction to reflect: Bought out sibling has no future interest in the house. 2 siblings who bought him out now each own his share 50/50. New entitlement = 30%, 30%, 20%, 20%. Can we write it up and have it signed and notarized or do we need an attorney to draft it?
Thank you!
A:
You need an attorney...to draw up an agreement and make certain all are in agreement. It appears you are going to leave the property in the trust and are simply modifying the trust. It may be possible to modify the trust based on the written agreement of all the parties, but in some cases it can be necessary to obtain court approval of the modification.
It may be that this trust has reached the point that the trust property should be distributed to the beneficiaries, in which case those who want to continue the trust will have to agree on provisions for a successor trust.
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