[WSBARP] Trust Administration - Conflict

[Mark Higgins]

I have a vague recollection in the probate arena where there is law to the
effect that a PR may not buy from the estate even at the price established
in a contemporaneous fair appraisal.  The feeling is if a PR were to buy
there is just too much appearance of impropriety.  Maybe this also applies
to a trustee?​

On Mon, Nov 24, 2014 at 1:53 PM, MK Henderson <law.mkh at gmail.com> wrote:

> This question came up recently and I believe the answer was it was self
> serving and a breach of the fiduciary duties.  You don't give the amount of
> time that has passed but the Trust seems to specifically say the house to
> be sold.  Son has a duty of loyalty to the beneficiaries and may not self
> deal.
>
> On Mon, Nov 24, 2014 at 1:35 PM, David Moe <davidmoe at maplevalleylaw.com>
> wrote:
>
>>  Please respond to list.
>>
>>
>>
>> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
>> wsbarp-bounces at lists.wsbarppt.com] * On Behalf Of *Ron Housh
>> *Sent:* Monday, November 24, 2014 12:55 PM
>> *To:* 'WSBA Real Property Listserv'
>> *Subject:* Re: [WSBARP] Trust Administration - Conflict
>>
>>
>>
>> Trustee question.  Assume H & W die leaving family home in trust with
>> direction to the successor trustee to sell the home.  Assume successor
>> trustee is son who has 5 brothers and sisters.  Son is also an attorney.
>>
>>
>>
>> Trustee son has interviewed 4 real estate agents – but has not yet signed
>> a Listing Agreement.  Trustee son then tells the other 5 brothers and
>> sisters he hopes to be given a chance to buy the home.  Trustee son has not
>> made an offer and has not indicated any definite plans as to if and when he
>> would make an offer.
>>
>>
>>
>> In your view can trustee son continue to act as the trustee – at least
>> with regard to the listing, marketing and sale of the house – in light of
>> his stated desire to be given a chance to buy?
>>
>>
>>
>> Could trustee son continue to act if all 5 brothers and sisters agree in
>> writing that is OK?
>>
>>
>>
>> What if only 4 of the brothers and sisters said OK, but one said “No – I
>> am not comfortable with the trustee acting as the seller while telling us
>> he may want to be a buyer”?
>>
>>
>>
>> Thanks for your thoughts.
>>
>>
>>
>> Ron
>>
>>
>>
>>
>>
>>
>>
>> *I AM TYPICALLY IN THE SEATTLE OFFICE ON TUESDAY AND THURSDAY AND IN THE
>> MOUNT VERNON OFFICE ON MONDAY, WEDNESDAY AND FRIDAY *
>>
>>
>>
>> *Ronald G. Housh, P.S.*
>>
>> *Attorney at Law*
>>
>>
>>
>> *Seattle Office:*
>>
>> *1420 Fifth Avenue, Suite 3000*
>>
>> *Seattle, WA 98101-2393*
>>
>> *Phone:   206-381-1341 <206-381-1341>*
>>
>> *Fax:        206-464-0461 <206-464-0461>*
>>
>> *Email:    ron at housh.org <ron at housh.org>*
>>
>>
>>
>> *Mount Vernon Office:*
>>
>> *21411 Bluejay Place*
>>
>> *Mount Vernon, WA 98274*
>>
>> *Phone:  206-235-2459 <206-235-2459>*
>>
>> *Email:   ron at housh.org <ron at housh.org>*
>>
>>
>>
>>
>>
>>
>>
>>
>>   ------------------------------
>>
>> _______________________________________________
>> WSBARP mailing list
>> WSBARP at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbarp
>>
>> _______________________________________________
>> WSBARP mailing list
>> WSBARP at lists.wsbarppt.com
>> http://mailman.fsr.com/mailman/listinfo/wsbarp
>>
>
>
>
> --
> Mary K. Henderson
> Henderson Law Office PLLC
> 1123 Maple Ave SW, Suite 225
> Renton, WA 98057
> 206-650-2472
>
> _______________________________________________
> WSBARP mailing list
> WSBARP at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbarp
>



-- 
Mark T. Higgins
Higgins Lock PLLC
P.O. Box 57
Darrington, WA 98241
206-491-2420
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20141124/5a8a9baa/attachment.html>