Q: Will I get 50% of the house fund if my sister buys me out of our jointly inherited house. No mention of fund in trust.
My mother died and left all her estate and assets in a trust for myself and my sister. 50% each.
Included in the trust is a house in Florida, along with a house fund to run it so that the house will never cost us anything. My sister raised the possibility of buying me out. If we did this would I be entitled to 50% of the balance of the house fund at time of sale? There is no mention of the fund in either the will or the trust.
A: You indicate that the trust includes "a house fund to run" the house, but you also indicate that "There is no mention of the fund" in the trust. Which is it, does the trust mention the house fund or not? Because interpreting the pertinent language, presumably of the trust, is crucial to answering your question. The "cy pres" doctrine in interpreting such estate planning documents may come into play: if the purpose of the trust (maintenance of the house, for example) would be defeated by her buying you out, it might be reasonable to divide the trust fund as well.
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