How can one co-owner buy out another co-owner of Trust property?
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How can one co-owner buy out another co-owner of Trust property?
Parent died leaving farm land and animals to 2 surviving children in Trust. One child maintains the property feed, insurance, lights, taxes, etc., milage to and from property; the other child disinterested. Several years later the disinterested party wants the interested/active party to buy out their portion of the inherited land and animals. Can the caretaker place a lein on the property in lieu of payment for services rendered in the years the disinterested party had not paid expenses? Disinterested is now demanding immediate action and court involvement. How to proceed?
Asked on July 18, 2012 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I would speak with an attorney in your area. The terms of the trust may govern here and that needs to be read. But what I think that you wish to do is to have the money that you have put out caring for the proerty as a set off against the purchase price, correct? If the disinterested party refuses and starts an action for partition (which would be a request of the court to split the asset in two but in real property it is sold and the proceeds split), then you can ask the court for a set off. Good luck.
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