Will and trust

[Therecanbonly1]

What is the name of your state? PA (will is from NY)

Last year my grandparents passed away. The estate was left to a trust to be divided between their 20 grandchildren (nothing to children). My sister is the executris (and a corporate lawyer) and after nearly a year has finally begun to give us some information about the estate. The will stipulates that the trust be held until the grandchild reaches 25. 11 of us have reached this age. The question I have is this. Many of the grandchildren (including some under the age of inheritence) would like to keep the house that my grandfather built as well as the 50 acres of land it sits on in the family. My sister has indicated that the only way to do this is for someone to purchase the property now (she of course has no interest in it - while she did at the time of the burial). Many of the grandchildren would like to keeo the house as part of their inheritence. Is this possible? Do we need to come up with a morgage to buy it out of the trust first - seems a bit ridiculous to me, but what do I know? Any input would be GREATLY appreciated. There are MANY great family memories at the house and I would hate to lose it. Thank you.

 

[divgradcurl]

What is the name of your state? PA (will is from NY)

Last year my grandparents passed away. The estate was left to a trust to be divided between their 20 grandchildren (nothing to children). My sister is the executris (and a corporate lawyer) and after nearly a year has finally begun to give us some information about the estate. The will stipulates that the trust be held until the grandchild reaches 25. 11 of us have reached this age. The question I have is this. Many of the grandchildren (including some under the age of inheritence) would like to keep the house that my grandfather built as well as the 50 acres of land it sits on in the family. My sister has indicated that the only way to do this is for someone to purchase the property now (she of course has no interest in it - while she did at the time of the burial). Many of the grandchildren would like to keeo the house as part of their inheritence. Is this possible? Do we need to come up with a morgage to buy it out of the trust first - seems a bit ridiculous to me, but what do I know? Any input would be GREATLY appreciated. There are MANY great family memories at the house and I would hate to lose it. Thank you.

If some of the individual heirs would rather have money than an part ownership in the property, then yeah, the trust will need to sell the property in order to give each person their part of the trust when they come of age. If some of you would like to keep the property, then you'll need to buy the property from the trust. Just get together all of the heirs that want the property, obtain a mortgage, and buy the property. Then, when the trust proceeds are distributed, everyone will just get money, and the property will belong to you.

 

[seniorjudge]

What is the name of your state? PA (will is from NY)

Last year my grandparents passed away. The estate was left to a trust to be divided between their 20 grandchildren (nothing to children). My sister is the executris (and a corporate lawyer) and after nearly a year has finally begun to give us some information about the estate. The will stipulates that the trust be held until the grandchild reaches 25. 11 of us have reached this age. The question I have is this. Many of the grandchildren (including some under the age of inheritence) would like to keep the house that my grandfather built as well as the 50 acres of land it sits on in the family. My sister has indicated that the only way to do this is for someone to purchase the property now (she of course has no interest in it - while she did at the time of the burial). Many of the grandchildren would like to keeo the house as part of their inheritence. Is this possible? Do we need to come up with a morgage to buy it out of the trust first - seems a bit ridiculous to me, but what do I know? Any input would be GREATLY appreciated. There are MANY great family memories at the house and I would hate to lose it. Thank you.

Q: Is this possible?

A: Yes. Money is the answer.

 

[Dandy Don]

Have you all seen a copy of the will and the trust to read what it actually says? Some states allow trust beneficiaries the right to receive a copy of the trust by requesting such from the trustee, but I'm not sure what the law is in New York.

Does the trust mention what will happen to the home? If it doesn't name a specific beneficiary to receive it, then the trustee has the authority to decide to sell it to the heirs or to any other outside party.

Is this sister also the trustee? Only a trustee can handle the trust, and an executor only handles a will.

The trust and the will are 2 separate documents that will be administered separately--the trust will be handled outside of court and the will is going to be done inside court.

The problem here is that any stipulation put in a will CAN NOT be enforced with the trust, even though there is frequently some overlap in the language, and sometimes errors like that are not corrected in advance. If the same stipulation is in the trust, then of course the distribution will occur when the grandchildren reach age 25.

You may want to consult a local trust attorney to look at the will and the trust to see if there are any potential complications or whether the stipulations are beneficial to the trustees.

DANDY DON IN OKLAHOMA ([email protected])

 

[Therecanbonly1]

Thanks for the advice. We are doing all we can to get copies of the documents (will and trust). My sister is the exectutris, I am unsure if she is in charge of the trust. I have the money for the downpayment of the house; but not the continued payments until the trust is distributed. I do not know the financial status of my cousins yet. The other problem we have is that my sister has allowed 10 days to let her know what we are bplanning before she puts the house up for sale.