Legal Question in Wills and Trusts in New York

Re: Trusts

The trustee can, and in some cases must, do whatever the Will instructs the trustee to do.

Re: Trusts

There are a couple of issues here:

1) could be a 'perpetuities' issue here. Few lawyers have encountered this in real life, but it is studied intensely in law school. When was the trust established?

2) I am unclear what you mean by 'trust beneficiary'. If the trust was set up for you, that is one thing. If it was set up for your father and now he has passed on, then you may have zero rights.

3) The trust indenture (the document that set up and established the trust) will answer most of your questions.

No responsible or meaningful or accurate answer can be made to this question without looking at that document first.

You are welcome to fax a copy to me at 914-576-0912 and I will then be able to make a real answer.

Re: Trusts

Without seeing the language in the trust document, my reply will be general. If you need a more specific answer, send me the language or a copy of the document. Generally, the trust contains language with authorizes or limits the trustee's actions and how the trust assets are to be administered. Legal ownership is in the trust and the trustee has all rights provided in the document, or by statute if the document is silent. Traditionally, a trustee holds the assets for the beneficiary and administers them for the benefit of the beneficiary. This could include the right of sale, unless the right contains limitations as to the time or circumstances under which a sale can take place. Had I written the document, I would set forth in detail what would happen, and who is responsible to pay for the costs of maintaining the property (some documents allocate costs and some make the beneficiary pay all costs, such taxes, insurance, reairs and maintenance). I usually provide that if the beneficiary desires to replace the property (for example, if it gets too costly to maintain or if, due to age, a smaller or more accomodating house is needed) how this is done and what the trustee can do and how the decision is made. Also, I would provide what happens if the property is abandoned by the beneficiary, the beneficiary fails to pay his contribution to the costs, or dies or becomes incapacitated and can no longer live there. You have not provided any information on the specific language of the trust holding the house, so any response is speculative. You can FAX me the language at 973-377-8167 if you would like me to read it and provide a better response.