What happens if the assets in a dynasty trust which are part of a real estate partnership are sold?

That will depend on the language of the trust instrument and the language of the partnership agreement. As for the trust, under Virginia law the trustee must provide you with a copy when you request it. Usually, the proceeds will still be held for the benefit of the beneficiaries, but the instrument might state that the proceeds should be distributed to the beneficiaries. As for what happens to the partnership in the event of a sale, again, that will depend on the language of the partnership agreement. If you are minority partner, then you should already have a copy of those agreements. You should contact an attorney to make sure that the other parties are acting in accordance with the agreements and are not harming your interests. My office is in Charlottesville, but we do trusts & estates work throughout Virginia. If you wish to discuss this further, please call my office at (434) 296-7138 or email me at [email protected]. I look forward to speaking with you.

Having dealt with many Virginia attorneys in the past, I agree with Mr. Murphy and his advice.

Attorney Murphy has given you very good advice. It is not possible to say more without being able to review the terms of the trust. If those terms are not clear to you, then you should meet with a probate/trust attorney, as soon as possible. Clearly, there is enough involved here to justify the attorney fee. James Frederick