Peru, NY Estate Planning Law Firms & Lawyers

Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. Generally, in order to sell the property when there is a life estate, all of the life tenants and remaindermen have to agree to the sale. Yet, a remainderman could sell, assign or transfer his or her interest in the property, but the buyer would have to take the property subject to the rights of the life tenants and other remaindermen. In other words, in effect, if all the life tenants and some remaindermen agree to sell their share of the property, the remaindermen who did not sell their share would remain as property owners holding the property as tenants in common with the new buyer or buyers. So, it is possible to argue that a contract among the other parties to sell their share of the property remains valid while the remainderman who did not agree to sell her or his property interest would keep her or his property interest and become a tenant in common with the other buyer or buyers. 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

You need to have your lawyer clarify the advice, because you are not understanding it. Only your mother can waive her rights, no one else can waive them for her. Next, you need to understand why that advice is being given. The lawyer needs to explain why he/she has reached that conclusion. Of course, that means you have to listen. Don't argue, don't interpose your own conclusions as to what is right or what ought to be, listen so that you can understand the reasoning behind the conclusion. Beyond that, you have been given a choice, so do one or the other.

It is up to your parents to decide to whom they grant a Durable Power of Attorney and to name successor agents if the person they name is unable or unwilling to act.  While some lawyers require that an agent under a Durable Power of Attorney provide an accounting to the siblings or others to prevent suspicion, others think it will lead to discord as those who are not the agent may go over it with a fine tooth comb and question the agent's decisions.  Some lawyers advise have co-agents (two, not three) for major decisions such as liquidating investments or selling the house, with the co-agents to act together.  Appointing three co-agents increases the chance of disagreement and failure to act timely if they must act together and of "the right hand not knowing what the left hand is doing" if they do not.  It is generally not recommended for the day to day responsibilities which you describe.