Legal Question in Wills and Trusts in New York
trust in will - restictions of location
probate - trust in will
state: new york
I live outside the us and am a citizen of that country.
my mother - who lived in ny recently passed away. she left a
will that amoung other stipulations included a portion of
her remaining capital to be placed in a trust for my 4 children
with me as the trustee. the lawyer handling the will tells me
the money must be placed in a ny banking institution. this
i find objectionable on practical and other ideological/political grounds. i do not think he pointed out the problems involved(for me -i.e. living abroad) sufficently to my mom when making the will (i have a sister in ny for whom a similar trust was proved for in the will)
*** can i get this stipulation of ny law changed in this case?
if not why not? Is the only way to do it to contest the will?
*** how does such a trust work? what kind of account is opened?
who decides how it is invested. What paper work/buracracy etc
is involved with withdrawals or other activities in the account?
thankyou for your time.
1 Answer from Attorneys
Re: trust in will - restictions of location
You, through a lawyer, may apply to the Surrogate to have the jurisdiction of the trust changed to a new jurisdiction. The reasons have to be given to the court as well as the laws of the other jurisdiction, so that the Surrogate can be certain that the beneficiaries will be legally protected.
Frankly, New York is the investment center of the world and with e-mail, facsimile transmission, telephone, etc., I am somewhat perplexed by your wish to be removed from New York.
As a trustee, you are not required to be in New York, merely the assets are to be located in New York.
The Will may provide some other restrictions which of course would be respected by the Surrogate.
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.
