Possible Family Trust Buyout

2 Replies

Do I need an attorney? If so any local BP referral? What might this cost?

My wife and 9 other siblings are settling there parents estate. 

The home which is free / clear is in a Family Trust. The current situation 

is we have motivated siblings, and as of last check all were in agreement to be bought out, "with time being of the essence".  

As a RE Broker the comps I have run show the buyout price makes this is a sweet deal. Currently in the process of identifying Private money, however experience has shown me death can bring out the best and worst in us all. Appreciate any and responses.

Sincerely

As an attorney, and this may sound self serving, I would recommend seeking out an attorney. There are a number of issues that may arise through the sale of property in a Family Trust. Some of the things that may need to be taken into consideration include; tax liabilities, Deeds of Conveyance, the reasons for the Trust, any kinds of Estate Planning ramifications for those that created the trust or are above the age of 65 that may be impacted by the sale, and much more.

It may be easy to go online and find a Deed you can fill out, but that is unlikely to protect everyone's interests in this transaction.

Although I am unfamiliar with a Trust and Estates attorney in California, I can refer you to my friend Mr. Stephen McArthur of The McArthut Intellectual Property Law Firm in Los Angeles. He can refer you to someone in the state.