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Message
MT Lawyers - question about a will
Posted on 5/16/13 at 2:43 pm
Posted on 5/16/13 at 2:43 pm
Can you put instructions in a will that dictate how property can be used after death, or whether it can be sold for a certain price at some point after death and to whom?
Probably a loaded question, but I'll throw it out there. (Also posted on OT.)
TIA.
Probably a loaded question, but I'll throw it out there. (Also posted on OT.)
TIA.
5
Posted on 5/16/13 at 9:51 pm to Captain Want
No
If you give something to someone, you can not tell them what they can or can not do with it
If you give something to someone, you can not tell them what they can or can not do with it
Posted on 5/16/13 at 10:51 pm to Captain Want
I feel like I remember some limitations that can be placed for a finite number of years, but I can't for the life of me remember what they are. Requiring several heirs to keep property as a whole for a decade or so is jumping out at me.
This post was edited on 5/16/13 at 10:52 pm
Posted on 5/17/13 at 5:51 am to Captain Want
quote:
Can you put instructions in a will that dictate how property can be used after death, or whether it can be sold for a certain price at some point after death and to whom?
Yes, but it is limited. For my family, in the will, about selling property. We were able to set it up so that one of the other family members/land owners had first dibs of buying out other land owners at fair market value if any of the land owners wanted out. I bought out a couple of my family members.
Posted on 5/17/13 at 8:01 am to Captain Want
1) Consult an estate lawyer licensed to practice in your state.
2) You can probably put the property in a trust and stipulate how it is to be divested or kept long after your death. But for the love of God: make sure the trust agreement is specific. I'm dealing with one written in 1937 that has some loose ends and it's gone to courts all over Texas because the two surviving beneficiaries can't agree what the intent was.
2) You can probably put the property in a trust and stipulate how it is to be divested or kept long after your death. But for the love of God: make sure the trust agreement is specific. I'm dealing with one written in 1937 that has some loose ends and it's gone to courts all over Texas because the two surviving beneficiaries can't agree what the intent was.
This post was edited on 5/17/13 at 8:05 am
Posted on 5/17/13 at 8:49 am to Captain Want
quote:
Can you put instructions in a will that dictate how property can be used after death
I don't do estate law, but I recall a professor telling me that "you cannot rule from the grave" and you cannot tell a legatee what to do with property once it divests to him/her. YMMV upon consultation with an estate attorney.
Posted on 5/17/13 at 10:16 am to Motorboat
quote:
you cannot tell a legatee what to do with property once it divests to him/her
This is incorrect.
To the OP: A lot depends on your state of residence and/or the state in which the property is located. Consult an attorney in your area.
Posted on 5/17/13 at 10:51 am to TigerDeacon
Posted on 5/17/13 at 11:29 am to Newbomb Turk
quote:
The old "Rule Against Perpetuties" ....
Not the same thing.
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