Q: How to distribute of an estate?
A trust has all cash plus a primary house. Trust calls for equal distribution among 4 co-beneficiaries (same 4 are also co-trustees). House will not be sold. Option 1: Single beneficiary "A" takes house, and only house, no cash, as her sole share. Option 2: All beneficiaries take equal pieces of house and then cash divided equally among all 4. Neither option agreed to. Looking for other options. Any suggestions?
A: There are private sources of money that provide liquidity for this type of situation.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- California
- (931) 250-8585
- View Profile
- Answered
A: This question is not as simple as you probably think it is. First, a lot does depend on exactly how the trust is worded and whether unequal distributions of individual assets are allowed. Then there are potential reassessment issues as to the house to consider. If financing is used to make it work, there is a right way to do that and a wrong way. And so on. You should hire a trust administration attorney to help you.
A:
The person asking this question is from Brooklyn New York, but it has been sent to California attorneys. Is the home in California? If the home and trust are in New York, you need an answer from a New York attorney. The wording of the trust is critical, not just the distribution pattern but also the powers of the trustees. If you are deadlocked, someone will have to petition the court to divide it up one way or another.
When you ask a question online, like here, the answers you get are only going to be basic information, a starting point. Attorneys are trained to talk to you to find out all the important details of your story. Getting all the details is very important because it will make a big difference in the legal information given to you. It is strongly recommended that even if you get a response here on Justia, that you also talk to an attorney. Many have free first interviews. Even if you have to pay, it is worth it because you talking to a professional who is going to focus on you.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
