Here’s the deal,
My grandparents willed equal shares of a retail property to me and my brother. This property is rented by my brother for his business in Los Angeles. We will have tenancy in common for this property, I believe. This property is worth $2 million; however, my brother and grandmother (the trustee at the time) signed an agreement last year that sets his rent at $4,000 per month for the next fifty years. This drops the value of the property quite a bit, since the market rents are more like $8,000 per month. Also, my brother has an option to purchase the property for $500k, valid for the next fifty years.
I believe my grandmother didn’t understand what she was signing, since she repeatedly told me and other people over the years that I would get my fair share, 50% of the property’s worth. The original trust states that we each get equal shares of the property.
Does anyone know if these contracts must be honored, and what are the consequences for not honoring them. The current trustee, my uncle, believes that these contracts undermine the original desires of my grandparents, the trustors.
Any advice on this matter is appreciated.