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lisad71
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Conflict of Interest?
Friday, April 01 2011 09:23 AM
I had posted this is "Creating and Maintaining Land Trusts" but I think this might be a better forum...
I am the Trustee of a relative's trust (Maryland). It states that all real and personal property is to be sold and the proceeds split in equal shares amongst the seven beneficiaries (I'm not one of them). My husband is interested in purchasing one of the properties located in Virginia. Independent of me, he has secured financing and made an offer based on the comps and factoring in the condition of the home (it has been a rental for the last 25 years). The home would be titled solely in his name as is some other real property that he owns, and our pre-nup states that he would retain all things titled in his name only.
Is there a conflict of interest by allowing this deal to happen? As the Trustee, should I or do I need to ask the beneficiaries if they would have a problem with him buying the house? Maybe I'm way off base here, but his money is just as green as anyone else's and he is willing to buy the house as is.
Any insight is appreciated!
Additional info: There is a chance that we would move into the house sometime in the future, but again, it would be titled solely in his name. Thanks again :)
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