My question involves estate proceedings in the state of: Minnesota
Please excuse my lack of specificity. I'm asking this question for my wife, who only partially understands the situation, but I will provide as many facts as possible.
My wife and her sister (the only other sibling) participate in what we believe is a living trust involving partial ownership of their parents' house. I think the idea is that both my wife and her sister put money into paying off their parents' mortgage, and now as time goes by the ownership of the house slowly transfers from the parents to my wife and her sister. At the end of this, my wife and her sister will both own the house equally.
The house is depreciating in value due to surrounding properties depreciating (the neighborhood isn't what it used to be) and my wife is wondering if it's possible to "cash out" of her portion of ownership over the house at this time. Essentially her sister would buy out her stake in the property. Is that even possible?
Again, we're in need of some education on this topic and I apologize if what I'm saying doesn't make much sense. Any replies will be appreciated.