Farm Estate

[Spencer 3]

I live in Iowa, the farm is in Nebraska. My sister, Judy and I, (Jack) own a farm in a Trust together. There is a house on the farm we rent out. We also rent the land for farming crops. Judy sent me this letter I would like your advice on:

Whereas, Jack, acknowledges the restrictions on transfer ability of his interest and Judy's legally described as follows: (Description of Property).
Whereas, such restrictions are contained in that certain Agreement dated Sept.9, 1999, by and between Judy and me. (the "Agreement")
Whereas, Judy desires to transfer all or part of her interest in said tract of land to the Judy W. Trust under agreement dated September 2, 2015 (the "Transfer"); and
Whereas, Judy and her husband, co-trustees of the Judy W. Trust under agreement dated Sept. 2, 2015, agree to adhere to and be bound by all of the terms and conditions set forth in the Agreement as if an original party thereto.

NOW THEREFORE, the undersigned hereby consents and authorizes (sister) to transfer all or part of her interest in said tract of land to the (sister) Trust under agreement dated September 2, 2015, waives any restriction under the Agreement that would otherwise apply to the Transfer. And she wants me to sign. She said it had something to do with probate.

My questionS: What does that do to my interest? Should I also get my part into a personal Trust? Is she trying to put one over on me? What does this mean?

Thank you....Jack

 

[LdiJ]

I live in Iowa, the farm is in Nebraska. My sister and I have a farm in a Trust together. There is a house on the farm we rent out. We also rent the land for farming crops. She sent me this letter I would like your advice on:
Whereas, my name, acknowledges the restrictions on transfer ability of his interest and (sister's) legally described as follows: (Description of Property).
Whereas, such restrictions are contained in that certain Agreement dated Sept.9, 1999, by and between (sister) and me. (the "Agreement")
Whereas, (sister) disires to transfer all or part of her interest in said tract of land to the (sister) Trust under agreement dated September 2, 2015 (the "Transfer"); and
Whereas, (sister and her husband, co-trustees of the (sister,s) Trust under agreement dated Sept. 2, 2015, agree to adhere to and be bound by all of the terms and conditions set forth in the Agreement as if an original party thereto.

NOW THEREFORE, the undersigned hereby consents and authorizes (sister) to transfer all or part of her interest in said tract of land to the (sister) Trust under agreement dated September 2, 2015, waives any restriction under the Agreement that would otherwise apply to the Transfer. And she wants me to sign. She said it had something to do with probate.

My questionS: What does that do to my interest? Should I also get my part into a personal Trust? Is she trying to put one over on me? What does this mean?

Thank you

I think that you need to take it to a local attorney who can read the document as it stands. I have read it several times and I am still uncertain whose interest she wants to transfer. Perhaps if you used fake names it might be easier to read. You should also probably ask her why she wants to make the transfer.

 

[Zigner]

I think that you need to take it to a local attorney who can read the document as it stands. I have read it several times and I am still uncertain whose interest she wants to transfer. Perhaps if you used fake names it might be easier to read. You should also probably ask her why she wants to make the transfer.

I agree that the OP needs to run it by an attorney, but it does sound to me like sis wants to place her interest in to her trust and simply wants the OP to agree to it.

 

[LdiJ]

I agree that the OP needs to run it by an attorney, but it does sound to me like sis wants to place her interest in to her trust and simply wants the OP to agree to it.

I was leaning that way as well, but the wording is just not as clear as I would like. Maybe with the actual names included it would make more sense.

 

[Spencer 3]

Farm estate

I was leaning that way as well, but the wording is just not as clear as I would like. Maybe with the actual names included it would make more sense.

Thanks for your comments. My sister Judy wants to transfer all or part of her interest in the Trust to a Trust which is just in her name and her husbands name.

 

[LdiJ]

Thanks for your comments. My sister Judy wants to transfer all or part of her interest in the Trust to a Trust which is just in her name and her husbands name.

That is tricky to do because neither of you has a divided interest in the property. Normally when property goes into a trust, the property is deeded to the trust. I guess that the trust would then become the co-owner and co-beneficiary of the primary trust, with you.

I would definitely run this by a local attorney.

 

[OHRoadwarrior]

The problem becomes how a trustee is going to be able to manage in good faith, half interest in a property. I would foresee a motion to partition and force sale in a decade or so if Judy dies.