If 4 siblings receive an apartment house in Trust (equal interests), do decisions about selling have to be unanimous or does the majority rule?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If 4 siblings receive an apartment house in Trust (equal interests), do decisions about selling have to be unanimous or does the majority rule?
Asked on August 2, 2014 under Estate Planning, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If the document creating the trust specifies some rule or process for decision making, the terms of the trust instrument must be followed. If the trust instrument is silent in this regard, then it would be a majority-rule situation; if the 4th sibling feels that the majority is in some way damaging his/her interests, then he/she could file a legal action seeking a judicial declaration of what can and cannot be allowed, or is or is not proper in terms of disposition of the property. Since such a legal action can be expensive and acrimonious, it's not to be done lightly, but does provide a dissenting 4th sibling a forum.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.