Legal Question in Wills and Trusts in Massachusetts

My mother left a irrevocavle trust with the family home being the only assest, valued at 1.7 million. According to the paperwork she owns 99% and dad has 1%. His new girld frien and he have made an agreement that she will purchase 50% of the family home and that who ever out lives the other can ren\main in the home til death or that the house becomes a burden. At which time the proceedes will be spilt 50/50 to each family.

Can this be done?

Thanks

Glenn


Asked on 8/15/11, 2:12 pm

3 Answers from Attorneys
Jonas Jacobson Law Offices of Jonas Jacobson

Well, if I get your facts right, the trustee of the irrevocable family trust would have to agree to sell the girlfriend 49% of the irrevocable family trust. Unless this would provide some clear benefit to the beneficiaries (and this is obviously not the best time to sell) it is unclear that the trustee can do this.

Moreover, I would be cautious about whether there are any advantages to this proposed transaction. Would the beneficiaries really want to own 50/50 some kind of real property with unrelated third parties? I have more questions than answers.

I have linked to my website below if you want to contact me.

Real Property Litigation

The Law Offices of Jonas Jacobson

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Answered on 8/15/11, 3:56 pm
Joseph Murray Joseph M. Murray, Esq.

Consider retaining an attorney to review the trust and the title to the real estate. Good Luck!

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Answered on 8/15/11, 5:45 pm

The Trustee has to agree to the terms you describe and would need to be consistent with your mother;s intent. I suggest you get a copy of the Trust and have it reviewed by an attorney.

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Answered on 8/15/11, 5:59 pm


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