I am the trustee of my father's revocable trust. His home is in the trust. Instead of selling the home, I would like to keep it for myself, but I'm not sure how to do this.

Is he still alive?

If the home is to be sold and you want it, then you have to buy it.

Agreed, you will have to buy it at current value.

Is father still alive ?
what other family members involved in trust

As noted, you have to buy the house from the trust. As trustee you have a fiduciary responsibility to fairly administer the trust. The piece you left out is who are the beneficiaries of the trust. If you are the sole beneficiary, then there is no problem. But if you aren't, then you need to get a professional appraisal of the property and buy it from the trust for that amount. Better get 3 appraisals to make sure everything is aboveboard.

You may also need to get permission from the beneficiaries. Depends on the terms of the trust.

Formal appraisals (as opposed to free ones done by real estate agents) can cost a lot of money, depending on the value of the property. They include specific forms showing how calculations were done, and what comps were used. Anyone is free to dispute the results with the appraiser.
I don't see a need for three of them.

Joy, Appraisals are still a subjective thing. If the beneficiaries of the trust are not going to like what the OP paid for the property, having more than one may help in a court case.

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Originally Posted by joypulv

Formal appraisals (as opposed to free ones done by real estate agents) can cost a lot of money, depending on the value of the property. They include specific forms showing how calculations were done, and what comps were used. Anyone is free to dispute the results with the appraiser.
I don't see a need for three of them.

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Agreed. Three estimates are good for billing body damage to auto insurance companies. One appraisal is sufficient for selling real property under these circumstances. Scott, OP should give the beneficiaries written notice of intent to sell, along with a copy of the appraisal. If and when they disagree with the sales price, they can, depending on the terms of the trust, go to court, make their objections, and hire their own appraisers as expert witnesses. Until that happens, buying other appraisals would be a waste of trust assets.

OK, I won't argue.