6

However, he wants a new security deposit and a month's rent for the time we will use it in March, claiming that the sale process makes us new tenants. What are the legal rights and legal obligations of an estate in a month-to-month rental situation? The estate is just starting the probate process, and I am unclear on whether the landlord is a "...


6

That all seems perfectly legal, enforceable and, providing everyone had been given legal advice and agreed to it, would not breach a lawyer’s code of ethics. Of course, my response to a child of mine who proposed it would be to rewrite my will to give them nothing - it’s my money and I’ll do what I like with it.


5

What would be the best course of action now? It has been six months with no communication from him or his estate lawyer, and no will has been filed with the court. Since it's not entering probate, is there any guarantee that he has to faithfully execute the conditions of the will at all or notify any of the beneficiaries? Without probate, can he ...


5

A deed executed during life trumps a will. The other siblings would have to argue: Your mom did not have the capacity to execute the deed (which is a very low standard in terms of her capacity). The deed was procured from undue influence from you (which requires them to meet a high bar of proof). The deed was really the implementation of an agreement for ...


4

You are mistaken. Your sister is entitled to live in the home rent free for as long as she likes. Title to the house trumps whatever the Will has to say. If the house was titled in joint tenancy with right of survivorship, then she became the sole owner of the home at your mother's death and the house was not part of the probate estate that passes under ...


4

A trust, revocable or irrevocable, does not protect the estate from claims by creditors. Under ORS 115.125(1)(k), the Department of Human Services or the Oregon Health Authority has a claim against the estate, behind the claim for "the state’s monthly contribution to the federal government to defray the costs of outpatient prescription drug coverage ...


4

There is no requirement that a will, or a trust created by a will, be "fair". The will could have left $500,000 in trust for one set of siblings, and $5,000 to another set. It could specifically exclude one beneficiary from some of the benefits, or specify an unequal division. That is all the choice of the testator. As described in the question, the trust ...


3

If structered as a trust, this might well fall foul of The Rule against Perpetuities, depending on the jurisdiction. See this law review article whre it is said: Those familiar with the rules of law concerning the duration of trust estates, have learned that private trusts may not be created for unlimited lengths of time. The rule of law controlling the ...


3

What would be an appropriate legal classification? A trust. How could this entity be structured so it could manage multiple estates? As a trust. Could this entity choose to keep, say, 30% for internal use e.g. resuscitation research? If that’s what it says in the trust deed, yes. How could this entity be made "recession-bulletproof," such that it could ...


3

Non-Profits Need Not Have Owners But Must Have A Lawful Purpose Any non-profit company, for example, a 501(c)(3), is ownerless and can be run by a self-perpetuating board if desired, rather than having delegates that provide an outside source for new board members. In that case you have to set forth a purpose of the company or trust, to which its assets and ...


3

Short Answer If everything was set up correctly in the first place, it is probably unnecessary to open up either an informal probate case or a formal probate case, although it may be necessary to prepare a small estate affidavit. But, there aren't enough facts in your question to know for sure. There are also a couple of documents that have to be filed or ...


3

It is sometimes necessary or desirable to hold customer money in a separate account because it is their property. For lawyers, this kind of account is highly regulated. For most other kinds of businesses, this kind if account is not highly regulated. If you were required to have an account of this time, you could not borrow against it or pledge it as ...


3

could a case be made for breach of fiduciary duty? Yes, I think, although not every person or stakeholder would have standing to sue the board of trustees of the private university. The prima facie elements of breach of fiduciary duty are "(i) the existence of a fiduciary duty; (ii) a knowing breach of that duty; and (iii) damages resulting therefrom", ...


3

These types of situations can, do and will get very messy and bitter fast. The key question here is actually two basic areas: What’s the legal situation now in terms of what you can actually claim etc? For this you need a lawyer familiar with the local laws. Second, and much more important, is how much you value your relationship with your sister. These ...


3

Let's say the trustee runs into a situation where the beneficiary demands some action, and the trustee thinks this action is a really, really bad idea. Then the trustee can either say "no". Or the trustee can say "yes" and be liable (so if the action is a really bad idea then the trustee won't do this). The trustee can NOT say "yes if you sign this paper ...


3

The parents are under no obligation to guarantee to one child fifty percent of their assets as of any particular date. If they wish to spend money on gifts to or support of one child, that is their right. The parents could, if they choose, change their will to reduce the sister's share by amounts that they provide to her after the will is signed, but that ...


3

First, agree w/Dale M re: it would be an egregious and likely career-ending move for an attorney to fake his representation. That said, there is likely no reason why you would be unable to request such proof of representation. Your job consists of protecting the assets of the trust, carrying out any other duties outlined in the trust document, being honest ...


3

Titled property, like real estate, is not owned by a trust until title is transferred to the trust. The trust is, in a legal sense, a separate entity from you. Yes, it takes paperwork to effect that transfer, but that's the only way to get the benefits of having the property "in the trust." Wills, however, do not require a transfer. You can put your ...


2

Your objections are entirely reasonable and the attorney is going overboard with caution and penning you in when you aren't legally bound, perhaps in the hope of avoiding hurt feelings among potential clients, or to avoid creating a conflict of interest for the attorney. can a trust be written that grants powers to a trustee that are sufficiently broad ...


2

The sister can probably contest the beneficiary designation, but this is fact dependent. (I assume that the stepfather is dead; otherwise a suit would not be ripe because the stepfather could change the beneficiary designation before his death and a beneficiary designation that can be changed is not a property interest that is legally protected in the ...


2

I am not knowledgeable about wills, trusts, and estates, but I will illustrate with an example my understanding of that paragraph. This largely overlaps with the answer given by @DavidSiegel, but I believe that an example is useful because of the recursive nature of subsequent divisions of property. Suppose: Dead person A has five children: B1, B2, B3, B4, ...


2

A trust is commonly used to handle assets of minor children and is a good idea no matter what the circumstances. The trustees and the guardians do not have to be the same people and it can be a good idea if even if the guardians are the trustees that there are additional trustee(s) as a probity check. Notwithstanding, your child’s assets are not the ...


2

The controlling statute in the United States Bankruptcy Code is 11 U.S.C. § 541(d) which states: Property in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest, such as a mortgage secured by real property, or an interest in such a mortgage, sold by the debtor but as to which the debtor retains ...


2

First, if a lawyer say they represent X and they don’t they won’t be a lawyer for very long. Second, even if they are working for X (which they almost certainly are), why do they (or X) have the right to receive information from the trustee beyond what the trust deed provides for?


2

It is easy to confirm (and you should confirm) that someone is a lawyer by checking the attorney registration data from the state where they purport to practice, usually available either online or with a quick phone call. If the person who claims to be a lawyer is not a lawyer then you are being defrauded. If person claiming to be a lawyer is really a ...


2

Typically, a revocable trust becomes irrevocable by operation of law upon the death of the last person establishing it and at that point you apply for a new EIN for that trust. If the company is giving you are hard time, simply give the existing trust a new name and carry out its provisions pertaining to after death management of the assets. For example, ...


2

The better course of action would be to set up a bank account for the trust and indeed to put all significant financial assets into the name of the trust. Otherwise, the sale will remove the residence and the proceeds of it from the trust, which doesn't appear to be what you intend to do. A living trust is virtually useless if it isn't funded.


2

TL;DNR: Yes, you need to talk to an attorney. By definition, a trust owns property, which it manages for the benefit of others. (In legal jargon, the property is held in trust for the beneficiaries.) So no, you can't have a trust without transferring ownership. Three other ways you can transfer property after you die: 1) Will: The most common way to ...


2

Don’t give them to your wife A bequest is a gift and gift’s can’t have conditions subsequent (conditions precedent are OK - like the one where you have to be dead first). It’s a funny thing, but when you no longer own something you no longer get a say in what happens to it. So you have two options: Trust your wife to do the right thing by her kids after ...


1

Section 6.19 says that the trustee is not required to provide an accounting of the trust to anyone, even if the law says otherwise. Section 6.20 says that IF the settlor (the person who established the trust) becomes incapacitated (unable to handle business, usually due to illness, injury, or age), then the trustee is required to provide an accounting to ...


Only top voted, non community-wiki answers of a minimum length are eligible