Q: Hi i inherited 3 houses from my grandma I'm collecting rent for one of them is that legal
Is it legal for me to collect the rent and is it legal for the trustee successor to take that rent away from me and put it in a trust account until it's in my name... I have been collecting rent for the past year the trustee successor is wanting to step in now and take over and hire a property management company to take over the rent and put it in a trust can i request to keep some of the rent and her not collect it all
A:
Ideally there should be a written agreement between the successor trustee and the property manager, that outlines the obligations of both parties.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is not intended nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement or a solicitation.
A:
First, you need to see a lawyer ASAP because the tax laws change on February 16, 2021 and if you don't get the property transferred into your name before that date, the trust estate will likely have to pay a lot more in taxes.
But to answer your question: The terms of your particular trust document will govern what happens to the property, so a lawyer couldn't properly advise you without reading your trust. That having been said, it sounds like the successor trustee MAY be taking too long to transfer the property into your name -- but only if the property should be transferred to you outright (as opposed to being left to you in a trust) in accordance with the terms of your trust. Good luck!
Yelena Gurevich agrees with this answer
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