Legal Question in Wills and Trusts in Michigan
I am the personal representative of an estate. A house and cars were willed to minor children however they can not acquire the assets until they are 21. The legal guardian of the children is trying to get conservatorship so that she can use the vehicles and live in the house. As personal representative I plan to sell the cars and rent out the house and put the money in trust for the minor children who will gain access to the funds at age 21. Who makes the final decision regarding the house and the cars, the personal representative or the conservator?
2 Answers from Attorneys
The judge will make this decision unless the squabbling parties can agree on a decision. www.kliszlaw.com. Tim Klisz
Depending on the language in the will, all assets should be sold and held in trust. The money may be placed in an interst bearing account or cd and effectively "frozen" by the court, until the beneficiaries. Please contact me to discuss in more detail at johntatone.com.
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