Legal Question in Wills and Trusts in New York
Living Trust
My step mother owned a co-op in Manhattan. She lived there since 1967 and bought in 1981. Her friend gave her $25,000 for the downpayment and closing costs and my step mother paid the mortgage and maint. My step mother wanted to leave me her shares in the co-op and asked a lawyer specializing in estate planning and elder care which she should do, a will or a living trust. He said living trust because it would not have to go through probate. Well, my stepmother passed away in May and the woman who put the down payment says that I am not entitled to anything and the apartment was sold and the money put into escrow until it is sorted out. It has already cost me $15,000 in legal fees. Why do I have to go to court if there was a living trust? I think that the lawyer is stalling to make money off me and he is the lawyer that did the living trust for my step mother. Am I being taken for a ride?
Sincerely,
--name removed--Godfrey
3 Answers from Attorneys
Re: Living Trust
I would need more information in order to answer your question informatively.
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Re: Living Trust
Too much information is missing to adequately provide an answer. Were the shares actually transferred to the trust? Who is the trustee? What does the trust provide will happen to the shares when your S-M died? What limitations, if any, are there effecting a new transfer, by the co-op regulations? Who sold the apartment and by what authority? Did the person lending the money for the original purchase give it by gift or take a mortgage against the property? She may have a claim and/or a lien against the shares. What are the trust provisions as to who shares in your S-M's estate? I cannot provide an answer until these questions are answered and, perhaps, have the opportunity to review the trust document.
Re: Living Trust
Unfortunately, I cannot answer your question because I would need to see the trust documents.
With respect to your concerns about your attorney, if s/he is get paid by the hour you will be provided with a breakdown of the work performed when you receive an invoice.
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