Can a benificary of an inter vivos trust bid in the auction for the real estate in that trust?

If an individual has a benificary interest in real estate through an inter vivos trust that is being auctioned, can they bid on it legally?

Asked on July 31, 2012 under Estate Planning, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The facts need elaboration here.  Is the trustee selling property that is held in trust with consent of the benficiaries?  To divide the proceeds?  As long as the trust would not preclude you from it - and I doubt under the law that it could - then you have a right to bid.  But if you want the property it may be better to offer the fair market value to the trustee for the benefit of the other parties and that way your portion of the distribution could be deducted from the price.  Seek help.  Good luck.


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