'I am the third trustee': My selfish brother is executor of our family estate. Can I retitle property in my name?

By Quentin Fottrell

'I am not looking to hire an attorney'

"A family cabin and some undeveloped land located in southern Missouri were placed into that trust." (Photo subject is a model.)

Dear Quentin,

I need advice regarding a family land trust.

I am the third trustee appointed to my late parents' trust. My untrustworthy and selfish brother was named as the executor of my late parents' estate. A family cabin and some undeveloped land located in southern Missouri were placed into that trust.

The executor's address is listed at the local assessor's office for property-tax purposes, but the property is still recorded in my late parents' name. Is there any way I can attach my name to the property deed before the executor decides to sell the property or pass it on to his children?

Given that I am listed as a trustee in the third position, what rights do I have to be notified of any legal changes that may occur? In the inevitable event that this does happen someday, what are my rights? I am not looking to hire an attorney.

A Concerned Sibling

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com. The Moneyist regrets he cannot reply to questions individually.

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There is a question mark/red flag over the title of your parents' land.

Dear Sibling,

As a successor trustee, you are likely there in case something happens to the first two trustees. Unless that happens, I'm afraid, you have no other legal authority as trustee. As a beneficiary, however, you are absolutely entitled to a reasonable and transparent accounting of the trust, and the trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries. They cannot - as you suggest - retitle property in their children's names.

Things can get more complicated if you're named as a co-trustee. Some trusts allow trustees to act by majority vote, give individual trustees their own authority or require that successor trustees receive notice of the trustee's actions. And while many trusts list a "first, second and third" trustee only as successors, others go further - giving successors oversight or notice rights, or allowing a successor trustee to step in if your brother became incapacitated.

Overlook legal counsel at your peril.

There is a red flag over the title of your parents' land. If this property is indeed still titled in your parents' names, and was never actually deeded to the trust, it could still be a probate asset under the executor's control. If that's the case, the executor of your parents' estate or the personal representative of the estate could execute a correction deed, which would transfer the property from the estate into the trust.

Overlook legal counsel at your peril. "Reasonable information may vary by trust, but typically it would include things like copies of bank and financial account statements, real-estate sales agreements and escrow closing statements, copies of the trust documents and amendments, and anything else that would inform a beneficiary about the trust administration," according to Albertson & Davidson, a law firm that specializes in trusts.

Beneficiaries such as yourself also have the right to request reasonable information from the trustee and, by law, the trustee must respond to a beneficiary's request for reasonable information relating to their interest in the trust, the law firm adds. "It's important for all beneficiaries to understand that they have a right to reasonable information regardless of whether it is presented in the form of an accounting," it adds.

Abiding by the rules of the trust

You and your sibling must abide by the rules of the trust - neither of you can retitle land placed in the trust. Neither you nor your sibling, acting alone as a beneficiary - or even as a co-trustee - can arbitrarily retitle land that has been properly placed in a trust. Your parents' land and cabin in Missouri should be managed according to the rules outlined in the trust document and governed by the laws of that state.

By keeping a close eye on the management of the trust, you will hopefully avoid having to take legal action to investigate alleged irregularities. This reader, for example, said his father used a family trust to build a house for himself and his third wife. "He kept the construction of the house a secret," the reader said. "When we found out, all hell broke loose. He rented out the house to friends of his wife while he decided what to do next."

And if something untoward does happen? You will be forced to hire an attorney to outline a process for removing your brother as trustee. This would include verifying the trustee's responsibilities and any clauses governing removal; collecting evidence such as emails, financial statements, or accounting records that demonstrate misconduct or mismanagement; consulting a trust-litigation attorney; and filing a petition in probate court.

He could expose himself to legal jeopardy.

The court would then evaluate the evidence, hear testimony and determine whether removal is warranted. In addition, the probate court would have the authority to temporarily bar your brother from taking any further actions that could continue to diminish the trust's assets. If he acted in a manner that put his interests ahead of the other beneficiaries and broke the rules of the trust, he would expose himself to potential serious legal jeopardy.

Your "plan of action" to confirm whether the property is an estate asset under the executor or part of the trust: (1.) Verify the deed and property title at the county recorder's office. (2.) Review the trust document to understand your rights as a successor trustee and/or beneficiary. (3,) Request reasonable information from the trustee and any pending transactions.

Keep your eyes and ears open. And make sure you receive a regular accounting.

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-Quentin Fottrell

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02-04-26 0101ET