Messy Estate Situation, New York

[onjbj]

Short Version- a family friend (Bob) named us as executors and sole beneficiaries of his estate. He was involved in a personal injury lawsuit prior to his death which is ongoing. His mother has a living trust (?) that gives half of her house to her daughter and half to Bob. Bob's atty in the lawsuit also drafted the will and is a family friend of the sister. The sister wants us to sign over the other half of the house to her or Bob's 2 sons. (He hadn't spoken to his children in 30 yrs.) In exhange, the family won't contest the will and we will get whatever comes from the lawsuit.

Is it unreasonable for us to ask them to "make us an offer" on the other half of the house? It seems foolish for us to give up the only asset that is a sure thing in exchange for a lawsuit that may or may not be won. This man also had considerable debt- 50K that we know of. Even if the suit is won, after paying his debts, the atty fees, etc. there may be nothing left.

We do not want to cheat these people out of anything, but we also don't want to cheat ourselves-

At this point, should we speak to an atty of our own choosing to get some impartial advice? We aren't comfortable with the relationship that the atty has with the sister.

Thank you!

 

[lwpat]

Is it a revocable or irrevocable living trust and is his mother still alive?

Assuming that it is revocable and she is still alive then Bob has nothing.

If it is irrevocable, then what happens to Bob's half is controlled by the terms of the trust.

Assuming that the house is actually in Bob's estate, you cannot do anything with it until his debts are paid. Otherwise the creditors could come after you. You need to see a copy of the trust and get the advice of your own attorney.

 

[onjbj]

Thank you- I need to find out if the trust is revocable or not. I got the impression that it was irrevocable. His mother is still alive. This was done to keep Medicaid away from the house- if she ever needs it. Thank you for giving me some questions to ask.

 

[lwpat]

As PR of the estate request a copy of the trust. That will answer most of your questions. On what basis are they trying to contest the will?

 

[onjbj]

The family is angry that none of them were named as executor and that we were named as sole beneficiaries. I don't know how they would be contesting the will- the atty says that they wouldn't be successful, but that it would drag things out and drive up the costs. We meet with the atty on Monday and will request a copy of the trust at that time or ask him if he knows if the trust is revocable or not. The family was pretty concerned about the house, so I assume it is not a revocable trust. This is going to be a nightmare though!!

 

[lawman866]

Did you tried contacting any new york based attorney ?