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Appeals court reviews whether beneficiary waived right to buy trust property in Pecke dispute
Summary
Counsel debated whether the trust's 45-day offer window controls and whether beneficiaries' informal agreement to "sell in the spring" amounted to a waiver of the property-option right in the wake of the decedent's death.
The Appeals Court considered Oct. 15 arguments in Jim Betty v. Pecke, No. 24P1326, a dispute among siblings over whether a beneficiary waived a trustee/beneficiary right to purchase real property from a trust after their father's death.
Isaac Perez, counsel for appellant (the son who sought to purchase the property), argued the trust required the trustee to obtain two appraisals and offer the property to the children at 95% of the average of those appraisals, and that the trustee's failure to act during the 45-day…
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