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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 46558
Experience:  29 years of experience practicing law, including tax and estate planning.
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Here is my question A woman passes away at the age of 90 I

Customer Question

Here is my question

A woman passes away at the age of 90
I am using these numbers for round argument sake to make this easy and less complicated.

She has 3 children and 10 grandchildren.

She makes a specific request in her trust that the 1 million dollars be first directed to be split up between 10 grandchildren as first right of payments on her trust and the rest of her assets are divided up among her 3 children.

However he trust is all property that needs to be sold for that to happen.
Her children were able to collect on 2 million dollars from her maritial trust that her husband left for her.

The woman also owns a building that has an agreement with 1 of the children who owns a business run out of the building that she invested 1 million dollars of her own money. In return for the 90 year old womans investment she would receive $10,000 of rent each month which was her individual assets.

My question is the following. Because the grandchildren based on the 90 year old womans trust is explicit in receiving the $1,000,000 first. Must that building either be sold and paid out to the grandchildren immediately?

And until the building is sold the $10,000 a month the 90 year old woman would receive for interest, and its decided that the children don't want to sell the building would the grandchildren be entitled to the interest until the receive their share as specified in the 90 year old womans trust?

I don't know if it's been decided that the rent money of $10,000 a month is going to her 3 children for the time being and trying to sell off the 90 year old's womans other assets, and and in the mean time collect the $10,000 for themselves and the grandchildren would have to wait 2 years to collect on the woman's trust if the 3 main children decide not to buy out the building shares or sell the building.

In summary my feeling is that because the building can be sold and the first directed portions to the 90 year olds womans trust is entitled to the grandchildren, they should get the right to receive the interest payments until they are paid, as the 3 main children shouldn't try to sell her other assets that will take 2 years to sell and pay the grandchildren while they can collect the $10,000 monthly rent, as it just benefits the children to do that and not the specific request of the 90 year old woman to pay her grandkids.

If you have any further quesitons let me know.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. You are exactly right, the children don't get to benefit by delaying the distribution to the grandkids. The assets either need to be sold to make the distribution to the grandkids or $1,000,000 in value of assets needs to be distributed to the grandkids...so that if this building is worth $1,000,000 it needs to be distributed to the grandkids in undivided 1/10 interests each. That would then result in the grandkids being entitled to the income generated by the assets. The estate and its assets are not the executor's personal piggy bank. The executor has a fiduciary duty to each beneficiary administer the estate timely specifically in accordance to the will. If the executor fails to do so, you can file to have the executor removed for breach of fiduciary duty. Then, if there is any misappropriation of estate assets or funds, you can also ask the court to award actual and punitive damages against the executor.



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Richard, Attorney
Category: Estate Law
Satisfied Customers: 46558
Experience: 29 years of experience practicing law, including tax and estate planning.
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Expert:  Richard replied 1 year ago.
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