Full question:
Is there a law in CA, that states, if there are 2 trusts which each contain 50% of a house, that both trusts are responsible for 50% of all fees pertaining to the upkeep and sale of the house? If so please let me know where to find this law.
- Category: Trusts
- Date:
- State: Arizona
Answer:
A trust is a legal document which means that legal title to property is held by one or more trustees for the “benefit” of someone else. Thus the meaning of the word "beneficiary." Depending on the kind of trust involved, the trustee is often responsible for the maintenance and upkeep of that property for the ultimate beneficiary of the property. When there are multiple owners, the trust documents involved will govern the allocation of fees and any amounts to be set aside for upkeep expenses. I am unable to locate a specific California statute requiring equal sharing of upkeep costs of property in the trust statutes, however, depending on the fees and facts involved, co-owners may generally be liable for costs. I suggest reading the terms of the trust documents involved carefully to determine the rights and obligations of the trusts with respect to upkeep.
The upkeep costs and expenses are often divided between the co-owners depending on their proportion of joint ownership. In many situations, co-owners will be equally responsible for the upkeep of property. Joint tenancy is a form of ownership by two or more individuals together that differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. State law, which varies by state, controls the creation of a joint tenancy in real property. Joint tenancy property passes outside of probate; however, it may be severed so that the property becomes part of one person's estate and passes to that person's heirs. Each joint tenant has an equal, undivided interest in the whole property, and may enter onto, take possession of the whole, occupy, and use every portion of the common property at all times and in all circumstances. All joint tenants, and their spouses, must sign deeds and contracts to transfer or sell real estate.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
