Can a trustee of a living trust let property deteriorate?
Question: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 with
a good probate lawyer if necessary.
The trust is standard and allows for loans for repairs etc.
Answers:
I think it depends on how the trust is written. Apparently there are two trustees. Does the trust require both trustees to be in agreement, or can either trustee act independently? By all means you should consult with an attorney. If it is a revocable living trust and your co-trustee is willing to let the property deteriorate, perhaps the trust needs to be revised.
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