Q: Father in law is leaving his 2 family income property to my 3 children and my 2 niece's. All children are under age 8.
He has poor health and I would not be surprised if he passed away at any point. He is leaving the house to the children in his will. His intention is that the children earn incoming from the property. My wife and I are concerned that this will become a huge headache for us to manage/rent on behalf of the kids. My niece's mother and father have no intention of taking care of or managing the property which leaves me to do everything. Is it possible for my wife and I to buy the property from all the children at whatever the market value would be when that time comes. I am assuming there are going to be some issues with the trusts. Thank you
A: He needs legal advice. Leaving property to minors is a big problem on many levels -- court, tax. City. He needs a trust. Gat lawyer ASAP.
A:
First I am really sorry about your father's health. Second, please do him and yourself a favor and have him created a Revocable trust instead of leaving it all in a will. If will be a disaster to take this entire mess of a planning through probate, appoint guardians for each of the minor children and deal with over 1 year of probate and guardianship proceedings in each jurisdiction where minor kids reside.
Trust is a way to go here and much more financially sound. And you can be a trustee and take care of this entire process after your father passes.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
5 users found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
