Q: Purchase agreement signed and homeowner passed away. House was in a trust. Given to one trustee as a life estate.
In the process of buying a home. Trustee passed away after purchase agreement signed. Other trustee alive. Home was given as life estate to the one that passed. Trust stated he could sell and had to share profit with any living trustees. (Sister gets 1/3). Is the purchase agreement still valid?
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A: The most likely outcome is the successor trustee is contractually bound to complete the sale of the house and distribute the proceeds in accordance with the terms of the trust.
A: The provisions of the Trust should control. Regardless of their recent passing, if the seller had the authority to sell the property during their lifetime, then the other beneficiaries of the trust are also bound by that provision. See ProvenResource.com for more information.
A: Provided the person who executed the contract had authority at the time, it is still binding.
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