Legal Question in Wills and Trusts in Massachusetts
realty trust
My mother and I are the beneficiaries in a realty trust. The trustees unlawfully sold the house. We went to court and won the case. At the next court date, it will be decided just how much they will pay. In the trust, my mother was named the remainder with 100% interest as life tenant. I am named remainder 100% simple fee. The house was sold and we are dealing with the possibility of receiving $220,000. How will the court decide on the monetary value for each of us. The trust was made in Massachusetts in 1990.
2 Answers from Attorneys
Re: realty trust
Your question is a bit confusing, as you mention both you and your mother have a remainder interest.
Assuming that the trust is silent to such a situation, the court will likely look at life tables to calculate the present monetary value of your respective interests. If both of you are healthy, the calculation would be based upon the age of your mother, I would expect. If she only holds an interest for life, they will determine that value, and the remainder would be your interest.
However, if she is not well, the calculation becomes more complicated. There may also be tax issues involved.
Re: realty trust
I am proceeding on the assumption that the life interest and remainder interest held by your mother, as described in your fact pattern, do not merge into single ownership and cause a termination of the trust. The court will probably take into account the life expectancy of each of you, and consider those factors to determine how much the of the fund should be paid to each of you.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
