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Is this a Trust that owns the real property? Is there also a Will that must be probated?
No apologies needed. I like more information rather than less (most people offer less and assume I read minds --- wish I could)
First, I am sorry for your loss.
Trusts in California are much more flexible than Wills, which are subject to probate procedure once a probate is filed. Your sister can move as fast or slow as she likes, but cannot simply sit and do nothing. In other words, unless the trust dictates specifics about a timeline in which the trust must be terminated and distributed, a "reasonable time" is presumed.
As trustee, she could lease the property or market it for sale. Most trustees who are also children of the decedent will take into account their siblings wishes, but need not. I agree with you that the market here in California is likely not going to improve significantlly in the near future. Most experts believe there is still another 10% downslide ahead of us. Please feel free to ask any follow-up question you might have. Thanks!