Grafton, NY Estate Planning Law Firms & Lawyers

With just a simple will and a direct deed the IRS would indeed consider the inherited home his asset and subject to potential collection action. There are ways to protect such a gifting, and therefore would be very wise for your mother-in-law to see an attorney and perhaps avoid probate altogether.

Hello. My name is Damien. I am an attorney in New York City practicing in the New York City metropolitan area. All named co-trustees have a right to manage the trust and have information on the accounting of the trust. So, a trustee has a right to information on the management of the trust. Also, all trustees have a fiduciary duty toward the beneficiaries. Each of the trustees can manage the trust separately or jointly. Ideally, the trustees will act jointly or split tasks because acting separately can lead to confusion and overlap of tasks. If a trustee has not helped manage the trust and now wants information on the trust management or to help manage the trust it would be permissible. On the other hand, the other trustees could attempt to claim that the trustee who has not done anything over the years has breached the fiduciary duty for the failure to manage the trust. Still, unless a court order removes a co-trustee, a co-trustee has a right to information on the management of the trust. If you need any assistance, a New York Trusts & Estates Attorney could help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082 or email me at DamienBoscoEsq@gmail.com