jjbug
Nov 21, 2008, 03:00 PM
I am a beneficiary in my deceased grandparents' trust, with a whopping 4% share, along with my two brothers, each with a 4% share. My aunt is the sole trustee and owns an 88% share of the properties in the trust. My brothers and I wanted to be bought out of our portion of the trust (as she did for others), but she only offered 1/2 of our shares as a buyout (based on the appraisal) which we refused, and so now she is preparing the properties as rentals, to be sold at a later time when the housing market rebounds. The properties are owned free and clear - no mortgages.
She is drawing up paperwork to have my brothers and I sign off to have the properties taken out of the trust so that she can refinance so that the refurbishing and remodeling of the properties can be funded. I don't want to sign because I don't want this to go forward. I'd rather force her to buy me out reasonably, or sell as is to another buyer right now. Can she refinance without my signature to take the properties out of the trust? Someone mentioned that I could put a lien on the properties as well to stop her.
What rights do my brothers and I have?
She is drawing up paperwork to have my brothers and I sign off to have the properties taken out of the trust so that she can refinance so that the refurbishing and remodeling of the properties can be funded. I don't want to sign because I don't want this to go forward. I'd rather force her to buy me out reasonably, or sell as is to another buyer right now. Can she refinance without my signature to take the properties out of the trust? Someone mentioned that I could put a lien on the properties as well to stop her.
What rights do my brothers and I have?