If my brother passed away and left his house to my sister and I in a Trust, what do we need to for me to take ownership of the house and payoff my sister for her share of the equity?
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If my brother passed away and left his house to my sister and I in a Trust, what do we need to for me to take ownership of the house and payoff my sister for her share of the equity?
A third sister is the Trustee. I am going to buy out my sister (she doesn’t want the house).
Asked on November 27, 2012 under Estate Planning, California
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
The third sister who is the Trustee should consult a trust lawyer - usually called probate and estate lawyer. Depending on the language of the trust, this should not be difficult. The Trustee will determine a fair value for the equity. You will pay the trust 1/2 of that equity (assuming only you and your sister are beneficiaries of the house), and the Trustee will sign a deed transferring the house to you.
It should not cost much money to have a lawyer oversee this and prepare the deed. This will avoid arguments or litigation later.
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