Hi my friend and his mom just inherit over a million dollar properties after his father's death. According the the will, my friend can only access to the inheritance after he reaches age of 30 or after his mom's death. His mom is the trustee who has no right to refinance or sell any of the properties. So basically no one can enjoy or manage the inheritance at the moment. Is there any way they can work with the will or the trust? They do need some cash for remodeling some properties. Any advise would be greatly appreciated.
A lawyer would have to read the will and have a firm grip on all the facts. Usually a life estate (to the wife) is part of the "package". Usually there are rights to encumber the property to maintain or improve them. Since propbate will probably be required to transfer the properties, you could seek authorization from the probate court. I am in Brentwood. firstname.lastname@example.org
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Sounds like a testamentary trust. If so, then the trustee's powers must be delineated in the document. Your friend needs to retain counsel to see what the will/trust says the trustee can do to preserve the value of the assets.
Legal disclaimer: This answer does not constitute legal advice. I am admitted to practice law in the State of Missouri only, and make no attempt to opine on matters of law that are not relevant to Missouri. This answer is based on general principles of law that may or may not relate to your specific situation, and is for promotional purposes only. You should never rely on this answer alone and nothing in these communications creates an attorney-client relationship. less
As Attorney Doland pointed out, you have asked us what your friends' rights are under documents that we cannot read and review. The answer is almost certainly there. There is obviously more than enough money involved to do this right and to check with a probate expert. They need an attorney to review this and let them know their options.
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