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.
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.
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