No, I am not the beneficiary. It is a special needs trust setup for my cousin and I am the sole trustee. The problem is that the trust is going to run out of money shortly and will no longer be able afford the upkeep of the house. I do not want to have to sell the house (which is owned by the trust and lived in by my cousin). The thinking is for me to purchase the property and let my cousin live there. My monthly payments would go to the trust and pay the bills.
1. The trust document allows me to sell the property, mortgage it etc. It does not specifically allow me to purchase it nor does is state that I can not purchase it myself.
2. Unfortunately, he is in no fit state of mind to even understand it.
3. A step-by-step would be greatly appreciated.
No, unfortunately he does not have a guardian. We just attempted an LPS conservatorship but were not successful. The thinking today appears to be to let them get on with their lives until they either badly hurt themselves or someone else.
Sure, no problem .... btw, this is why the trust is running out of money. Not only do I have to employ two women to take care of him but I now have to also employ someone to act as a bodyguard to go with them each time, as he can be violent sometimes now.
Thank you. If the trust totally owns the house, why would he need to sign off the sale? Another house which was in the same trust was previously sold in order to pay his medical bills and did not require his signature nor consent in any way.