In 2005, I bought an interest in an Estate
from its heirs
. The agreement was through an instrument titled "Contract for Sale of Land, Mineral Rights and Royalties,
and all other Assets or Monies Received from the Estate of XXXXXXX”. In the contract, I purchased 30% of the assets in the estate. The contract was notarized and filed in the public record.
The proceeds from this contract along with the rest of the inheritance from the heirs were all assigned to a trust, of which the three heirs were named as settlors. In the original contract, the trust is called for with the following:
"It is hereby agreed that there shall be a business organization, the exact type to be agreed upon at a later date, created by the parties hereto; and, that all revenue of any kind received from any of the property and/or assets covered herein shall be deposited into a bank account in that entity’s name...there shall be a 70/30 division agreed to in this contract."
The primary asset of the trust is gas royalties which are now totally owned by the trust [transferred from the estate].
The trust is a revocable trust.
I am not a named settlor of that trust [only a beneficiary], but I did contribute my share [30% of the proceeds in the contract] to it.
There is also a provision in the original Contract for Sale of Inheritance stating the following:
"Any party may demand a split of the assets of said business organization at any time." The business organization is the trust.
The final order for probate
was signed in September, 2008, and I have been receiving the proper amount from the estate ever since. I would now like to get out of the trust with my share. My questions:
1`. Can I revoke the trust even though I am only a beneficiary, not a named settlor?
2. Can I rely on the original Contract for Sale of Inheritance to get my share out?
3. Is there a statute of limitations that will keep anyone from challenging the original contract when I try to get my share out?
4. Will a court action be necessary, or can I just demand that the trustee give me my share of the royalties?