If I’m the sole executor of a Trust that includes a rental property I will inherit in equal parts with a sibling, am I the sole decision maker regarding the property?

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If I’m the sole executor of a Trust that includes a rental property I will inherit in equal parts with a sibling, am I the sole decision maker regarding the property?

Specifically, with respect to setting rents, putting money from rents aside for maintenance and, selling the property?

Asked on November 28, 2012 under Estate Planning, California

Answers:

Victor Waid / Law Office of Victor Waid

Answered 9 years ago | Contributor

Yes, but you have a major fiduciary duty to maintain and preserve  the asset and account for all income and expenses, including keeping the property insured, for all named beneficaries of the asset named in the trust, and providing an annual accounting to the beneficiaries. You are obligated to follow the terms and provisions of the trust.


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