Trust of Deceased Grandfather

[Carolina Razorb]

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


My Grandfather died and left approx $175,000 to split among 4 grandchildren $43,750 each. However, there was a drafting error made by the attorney and one of the heirs was inadvertently left out.

The attorney has explained to us the the bottom line is that the three heirs may choose independently to receive one fourth or one third. To the extent that the remaining heir is not receiving all the he or she would be otherwise entitled to, he personally and malpractice carrier will have to make up the difference to the heir.

The attorney goes on to explain that any one or more can agree to help him correct his error. Each grandchild would need to acknowledge his mistake under a written agreement call a "non-judicial settlement agreement". In which case each grandchild would receive one fourth.

If we choose not to do the settlement agreement then three of the grandchildren will receive $58, 333 and the fourth grandchild will receive $43,750.

It's obvious he is letting us know our rights under the law. Is it fair to take advantage of a simple mistake on the attorney's behalf just to collect another $15,000?

Does this happen often and does anyone have advice on whether I should try and capitalize off of this?

 

[Just Blue]

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


My Grandfather died and left approx $175,000 to split among 4 grandchildren $43,750 each. However, there was a drafting error made by the attorney and one of the heirs was inadvertently left out.

The attorney has explained to us the the bottom line is that the three heirs may choose independently to receive one fourth or one third. To the extent that the remaining heir is not receiving all the he or she would be otherwise entitled to, he personally and malpractice carrier will have to make up the difference to the heir.

The attorney goes on to explain that any one or more can agree to help him correct his error. Each grandchild would need to acknowledge his mistake under a written agreement call a "non-judicial settlement agreement". In which case each grandchild would receive one fourth.

If we choose not to do the settlement agreement then three of the grandchildren will receive $58, 333 and the fourth grandchild will receive $43,750.

It's obvious he is letting us know our rights under the law. Is it fair to take advantage of a simple mistake on the attorney's behalf just to collect another $15,000?

Does this happen often and does anyone have advice on whether I should try and capitalize off of this?

REALLY? You want to know if you can steal from another just 'because' fate allows it?

 

[Carolina Razorb]

I feel bad for even posting the question. I have not intended on doing this because it is wrong, I know.

However, if we do the settlement agreement we will not get the disbursements for 5 years and I could seriously use the money now...It is hard times, but that doesn't make it right I know.

 

[Carolina Razorb]

I suppose I don't need someone to try and convince me of this. I will do the right thing.

Thanks for your quick reply.

 

[Just Blue]

I feel bad for even posting the question. I have not intended on doing this because it is wrong, I know.

However, if we do the settlement agreement we will not get the disbursements for 5 years and I could seriously use the money now...It is hard times, but that doesn't make it right I know.

One must determine if the LEGALLY able road, or, the MORALLY CORRECT road, is the right road. That is up to you. Just think about if you will be able to use the "fast cash" without feeling ill. Again. Thats on you to figure out.

 

[anteater]

However, if we do the settlement agreement we will not get the disbursements for 5 years ....

What does the settlement agreement, or lack thereof, have to do with the timing of disbursements from the trust?

 

[Carolina Razorb]

I may be reading it wrong anteater. I have looked at it a little closer and it seems that the 2nd amendment to the trust (Aug 2004) Grandfather had a 5 year payout. Payable upon 5 year anniversary of death. In his 3rd amendment below I think he was changing that 5 year payout or "revoking" it.

2nd paragraph in letter from attorney regarding third amendment.

Grandfather's last change was done as his third amendment Aug 2008). In that change I (attorney) inadvertently made a drafting error. For your reference, I have highlighted I was revoking Subparagraph B.3,C,(1) Paragraph C.1 had called for each of your shares to be retained in the trust for five years following Grandfather's death. During such time you would have each received the income from you respective share. Upon the five year anniversary of Grandfather's passing, each of your shares would have been distributed out to you.

It looks like the attorney made notes for the paralegal to include that the paragraph is revoked and maybe the paralegal left it off. As such it appears that the (1) was not included and thereby the entire BC3 was revoked. Not sure what that means.


I am thinking maybe we need to retain an attorney.