Can I buy my siblings interest in a real property held in an irrevocable CA trust?

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Can I buy my siblings interest in a real property held in an irrevocable CA trust?

I am the trustee on an irrevocable trust. It only has my mom’s home in it. My
mom is deceased and we have to make decisions about the property. I have 8
siblings and we are to share equally. If they are willing, can I buy out my siblings
interest? The home is in California.

Asked on March 31, 2017 under Estate Planning, California

Answers:

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

Answered 4 years ago | Contributor

I am so sorry for your loss.  If I were you I would get an attorney to help you with the details about administering the Trust.  As the Trustee you have a huge fiduciary duty to the other beneficiaries and one step out of place could hold you personally liable.  Generally speaking if the Trust allows for the sale - either to you or some one else - then yes, you likely can.  But the property needs to be propely appraised and there may be reporting issues, etc.  Good luck.


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