My name is Brian and I have some mineral rights that are a part of a trust fund but would like to sell them. My father says I cannot because of the trust but I am not so sure he is not being lazy because he does not want to deal with it. He is a good man and I love him and he always comes around if the pressure is there. If it is a revocable trust does anyone have any insight on how one goes about selling just his portion? I could really use some help I am out of my league on this one. I need to add this as well… I really need the money badly which is why I am even considering selling. My dad is a good man he will do what is necessary but I don’t want to create a mess for him either… it’s kind of a survival thing… Not official survival but the spirit of it is there.
I am not a lawyer so my reply is worth exactly what you paid for it. We are also part of a trust. Because it is a trust, we do not personally own the assets in it and we have no say in what happens to the assets - the trustee is in charge. We cannot sell the assets.
That said, we would not sell our mineral interests even if we could. They are too valuable.
Give your Dad a big hug. He is not being lazy but is protecting your interest. I am dealing with the multitude of problems created when an interest was sold out of a trust under pressure from Beneficiaries. It creates a mess for the Trust, may be illegal, creates huge tax problems and legal fees. Don’t go there. It is not worth it for anybody except maybe the lawyers.
By the definition of a Trust, you do not have anything to sell. Be happy that you are a beneficiary.
Yes, if we were broke the trustee has an obligation to ensure we did not starve. They can sell assets to ensure that. If they did not do this, we could fight the trust. Fortunately we are just fine!
The above case does not sound like a survival/destitution issue.
If I am misunderstanding the whole thing, I apologize.
Let me add something here. It’s a Revocable Trust so you have no control. Your Father has the rights to all its assets. One day he may need to sell your minerals, or some or all the Trust’s assets to support his medical needs. Have you ever thought about that? Don’t count your eggs before they hatch.