Real Estate Inheritance Sold

[Mbearden86]

What is the name of your state (only U.S. law)? Florida

My boss has Alzheimer's. His estate documents state that I am to received his fully paid off house after his death. The rest of his sizable estate will go to his long time friend and POA. The POA and I do not have the best of relationships. Once my boss is deemed incompetent, Is the POA able to sell off the house I am supposed to inherit? If so, does this mean the money from selling the house goes to the estate(which he would receive) and now I am left with no inheritance? Thanks to everyone who reads and responds!

 

[curb]

What are "his estate documents"? A trust, will or what? Your situation could depend on the language in "his estate documents".

 

[Mbearden86]

What are "his estate documents"? A trust, will or what? Your situation could depend on the language in "his estate documents".

Sorry, it's a trust that was amended years ago to give me the house.

 

[adjusterjack]

Sorry, it's a trust that was amended years ago to give me the house.

Then it depends on the terms and conditions of the trust.

Is the name of the trust shown as owner of the property on the deed?

If so, does the trustee have the power to sell assets for the benefit of your boss?

It takes a lot of money to care for an Alzheimer patient. If the house has to be sold to pay for that care the trust could be empty by the time your boss dies.

So don't count your chickens before they hatch. It's possible that you might never inherit anything.

 

[Mbearden86]

Then it depends on the terms and conditions of the trust.

Is the name of the trust shown as owner of the property on the deed?

If so, does the trustee have the power to sell assets for the benefit of your boss?

It takes a lot of money to care for an Alzheimer patient. If the house has to be sold to pay for that care the trust could be empty by the time your boss dies.

So don't count your chickens before they hatch. It's possible that you might never inherit anything.

Okay, If the house is sold but there is still money in is estate upon passing, am I able to receive any of that? Or once the house is sold, I am out? Thanks

 

[Zigner]

Okay, If the house is sold but there is still money in is estate upon passing, am I able to receive any of that? Or once the house is sold, I am out? Thanks

Once the house is sold (prior to his passing), then you are out, unless the trust provides for something different.

 

[curb]

Who is the trustee for the trust? His "long term friend" could easily wipe out your part of the inheritance (depending on specific language in the trust which might help you) if s/he is the trustee. I would suggest you get on very good terms with the trustee.

 

[TrustUser]

it looks like another instance of a poorly written trust

it seems unlikely to me that the intent of the grantor was to exhaust one inheritor's portion, before diminishing the other one, unless the trust instructions specifically say to do so

 

[TrustUser]

Once the house is sold (prior to his passing), then you are out, unless the trust provides for something different.

hi zigner,

i dont say i disagree with you, but i also can not say that i agree with you

in any case, unless there is something in the trust that clearly delineates the disposition of assets, i think the poster here has a decent chance with a judge

in that a judge might rule that the trust should be distributed based upon proportionality

certainly there is a huge conflict of interest when the trustee is related to the other beneficiary (in this case, the same person)

i am not at all sure that a judge would allow the trustee/beneficiary to simply sell off the other beneficiary's share totally

also, what happens if the house is sold, and just a percentage of those proceeds are used up before passing ?

i see some gray areas, here

it is also a bit confusing as to what assets are where ? and if the poster is confusing the terms trustee and poa ?

if the house is within a trust, then a POA would have no ability to sell the house.

i think that some further clarifications are needed

 

[Dandy Don]

For how many years did the boss have Alzheimers?

Do you know for certain that an official medical diagnosis has been made, verifying the fact that he does have Alzheimers?

What year was the trust amended, and was the trust amended by the trustor or by the POA?

Do you have a copy of the trust?

If possible you need to find out if a will also exists for this estate or is the trust the only estate document.

If trustor had Alzheimer's at the same time that the trust was amended, the POA or other beneficiaries theoretically could contest/challenge the trust by alleging the trustor was mentally incompetent at the time the change was made.

If possible you need to discuss your situation with a trust attorney and ask him to evaluate/scrutizinize the trust, if you have it.