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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 117395
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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We have a condo that is in a trust owned by 3 siblings and

Customer Question

We have a condo that is in a trust owned by 3 siblings and myself. The property is free and clear. Can I borrow against the property a portion or enough to buy out one or more of my siblings?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If the property is in trust, you cannot borrow against the property itself. The trust owns the property, not any one of the siblings, and as such you cannot borrow against the property to buy them out. You would have to somehow dissolve the trust to remove the property and then the siblings would have to agree to the loan so you can pay them off and you would be then liable for the loan on the property. It can be done, but it is not simple to use the trust property for a loan to buy off the other beneficiaries as it does not belong to you or the beneficiaries, it belongs to the trust.