Legal Question in Wills and Trusts in New York
Leaving assets
My mother's Will left my brother her house and me her personal assets. She is unable to care for herself and had to move from her house. The house was sold and the money placed in her name in a bank account for use for her care. Now that the house is no longer an asset, what will my brother receive upon her death? Is he entitled to the amount that the house was sold for? Is he now entitled to half her assets? Should money be put into a trust account for him that will pass to him when she dies? She is not mentally competent to write another will. Please help.
2 Answers from Attorneys
Re: Leaving assets
Since the house no longer exits in the estate he cannot receive it. He is not entitled to the proceeds thereof unless so specified in the will.
Re: Leaving assets
If a Will leaves specific property to someone, but is no longer owned by the testator, that gift fails. So in your situation, your brother will recieve nothing.
Since any remaining funds of your mother will be considered personal property, you will inherit whatever is left. If your mother is recieving long-term care in a nursing home, her funds could be used up to pay for her care. Instead, you could transfer about one-half of those funds to a Trust in order to get your mom eligible for Medicaid. That will allow you to preserve the Trust assets for your (and your brother's) benefit. You should contact an elder law attorney immediately to see how much could be saved. If you need a referral to an attorney in your area, you can e-mail me.
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