Legal Question in Wills and Trusts in California
If a property in a family trust is left to 3 siblings, can 1 sibling buy out another ( giving them 2/3 percent of ownership? )
2 Answers from Attorneys
yes, but note that the one-third sibling to sibling transfer is not exempt from reassessment.
The short answer is yes; however, you should discuss the situation with an attorney because there are a couple of potential issues.I am assuming that the parents have died and now the Trustee is getting ready to make the final distributions. It also sounds like there is not enough other assets in the Trust to have 1 sibling take your cash while you take more of the house. If you buy your brother out, then that 1/3 of the house will be subject to reassessment for property taxes because that will not be a parent-child transfer. Again, please consult an attorney before you do anything.
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