Legal Question in Wills and Trusts in Maine
Wills
Can I in my will, leave property to my child, and also dictate how my child should leave the property in his will? Specifically, I want to leave property (an income producing building) to my son. If my son dies then if he has children (currently they do not), he may will the building to his children, BUT if he does not have children then I would want the property to go to the children of my sister. Can such a condition be stated in a will and be legally binding? The purpose is to keep the property within the ''bloodline'' of the family. If this is not allowed, how can this be accomplished.
2 Answers from Attorneys
Re: Wills
You cannot control the property in that manner with your Will, however, you can set up a Trust that can hold the building for the benefit of your child, and upon his death, for the benefit of your grandchildren.
The State you live in should be the State where you do the estate planning, but if the building is in another State, it is a good idea to have local counsel as a co-trustee, or at least engaged and provided with a copy of the Trust to deal with any local issues that may arise.
Re: Wills
The better way to do what you want to do is to establish a testamentary trust as a vehicle to hold the property. Contact a lawyer who handles estate matters and who is close to you.
See also: http://info.corbettlaw.net/lawguru.htm
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