QUESTION
Trust involving land needs to be disbursed to three beneficiaries
Asked on Jan 20th, 2018 on Trusts and Estates - California
More details to this question:
My grandmother has a Family Trust which include money in an account for the trust, property of a mini mall , and some undeveloped land . We have already sold the Mini Mall. But the question involves the undeveloped land. There are three children involved , when is deceased with a daughter. The first beneficiary doesn't want the land and wants to sell it, the other beneficiary doesn't care about anything (the daughter) but we intend to give her her portion of the land value, the third beneficiary wants to keep the land in the family. How can I dissolve the trust while keeping the land in the family. Can I sell two-thirds of the land and keep the other third in a trust?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
at
Price Law Firm, APC
Update Your Profile
If you are the trustee, then you have a fiduciary duty to act in the best interest of all of the beneficiaries and to keep invest the trust assets. Discuss with the beneficiaires, but it isn't always possible to keep everyone happy. At the end of the day, the trustee is in charge and must exercise his or her discretion in doing what's best for all of the beneficiaries. Start with a conversation with all the beneficiaries and then act in accordance with your responsibilities.
Answered on Jan 23rd, 2018 at 10:00 AM