Q: Re: A family trust 3 children, trust is to divide equally. In the trust, property is "conveyed' to one son by parents
as his sole and separate property. 3 children are the beneficiary's.
Question: Does "divide equally" mean the son has to buy the home from the trust?
Or, does it mean son gets the home as parents wish and whatever is left in the trust is then divided equally 3 ways?
A: It is not possible to answer your question without reviewing the trust document.
A: It is probably in your best interest to show the full trust to an estate planning attorney, because the information provided here seems incomplete. For example, if the trust first says that the house is to be conveyed to the son as his sole an separate property and then later the trust says something like, "the rest, remainder and residue is divided equally to our three children," then no, the son receiving the house would not have to buy out the other children using his share. However, if there is additional language in between those statements or if those statements are made in a different order, the result could be completely different. Another consideration is whether the son would receive the house free of any mortgage or would the trust pay off the mortgage before conveying the house. All of this is hypothetical until a competent attorney can see how the trust is worded exactly before a specific opinion can be given. I wish you luck in your search for a good attorney to help you with this.
A: The information provided is not enough to answer your question. We would recommend that you consult with a estate planning attorney and have the attorney review the trust for you.
I agree with the other attorneys who have responded. Understanding that I have not read the trust it appears possible that the trust is addressing two separate distributions - one for the home and a second general distribution to be divided equally between all three children. If the trust says the son gets the home, then he gets the home and the balance of the estate is divided three ways. If the home is not specifically given to the son, then it is probably part of the general estate to be split. If he wants the home in the second case, he would have to buy it from the trust.
Again, as the other attorneys mention, you really need to have the trust reviewed by an estate planning attorney.
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