Question : Can a trustee of a living trust let property deteriorate?
I have a co-op in a living trust. I also have a co-trustee.I have some major repairs coming up and am worried the co-trustee will not let me encumber the property for a loan for the repairs. this will not only cause problems for me but the homeowners assoc. as well. Of course I will consult witha good probate lawyer if necessary. The trust is standard and allows for loans for repairs etc.I put this question in wrong catagory..should be in legal.
- asked by charlotte q
All Answers:
Answer #1
I think it depends on how the trust is written. Apparently there are two trustees. Does the trustrequire both trustees to be in agreement, or caneither trustee act independently? By all meansyou should consult with an attorney. If it is arevocable living trust and your co-trustee iswilling to let the property deteriorate, perhapsthe trust needs to be revised.
- answered by Tech Dude
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