Legal Question in Wills and Trusts in Massachusetts
Selling of property held in trust
We are four siblings. We have a piece of land that was left to us in trust. 2 of us are co-trustees. We, along with a third sibling, want to sell. Do we have the power to sell without the fourth's permission? What can the fourth do to hold up the sale?
2 Answers from Attorneys
Re: Selling of property held in trust
Read the trust to determine what rights the trustees have to sell and what if any vote by the beneficiaries is needed. If in doubt retain an attorney. Good Luck!
Re: Selling of property held in trust
The Trust will indicate what rights the Trustee's have to sell the property as well as the rights of the beneficiaries. Without more information as to whether one of you resides at the property or any special conditions in the trust it is impossible to answer your question accurately.
I assume the sale will be to a third party, meaning not a beneficiary or a trustee, so as long as the sale is for market value, the purchase price will not be the issue in the terms of sale.
Please feel free to contact me if you have more questions.
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