Q: Trust distribution question: In order to allow my sibling to buy out my half of inherited house, the sale price is
at date of death price. But now it has been app'd at 50 thou more at sale time. I want half. Can I take from cash in trust rather than sib start new loan which he could not afford? There is quite more than the 25 thou in cash. I want fair share and am trustee so I could just take it if it's simply an uneven distribution, am I correct in this thinking? Update, thank you for the answer....however, must I draft an agreement or merely inform him? The deal itself has not gone through yet.....If I inform him and he says no, I will have to sell but I don't think he wants to move. Also, he has already signed a waiver of accounting and release of trustee....It seems that means I can proceed without his approval????? It will only mean he loses 25k out of his cash technically.
A: The simple answer is you should be able to collect fair market value and it is possible to even out with trust assets. However, when there is a buy-out there should be an agreement between the beneficiaries that outlines the details of the transaction in detail. Especially if you are trustee, you need everything in writing to protect yourself as you are the one who holds all the liability.
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