I own a piece of property, and after my death I want to leave it to one of my children, but I do not want them to be able to sell it. What are my options as far as wills, trusts, etc. I want the property to stay in the family for several generations at least.
2006-07-11 09:13:04 · 3 answers · asked by Danzarth 4 in Politics & Government ➔ Law & Ethics
Well as far as the jurisdiction goes, the property is in Massachusetts.
I did some reading about the rules against perpetuity, and I think I might have spotted a loophole. If I estabish a charitable organization with the sole mission of providing for the welfare of my descendants (not sure about the legality of that either), I should be able to leave real estate to the charity, which could then hold it for all of eternity. Any thoughts?
2006-07-11 10:40:13 · update #1
There are options such as leaving a life estate for your child with the remainder on his/her death divided among your decendants. There is a somewhat more complicated estate planning technique called a dynasty trust that would have pretty much the same result. The charitable trust idea is a no-go, it has to be charitable, and your kids aren't charity. You need to see an estate planning attorney. You should be prepared to prioritize what you want (1) providing for your child for his/her life, (2) keeping the property in the family, (3) providing a source of income for some or all decedents. Just some thoughts.
2006-07-11 21:11:05 · answer #1 · answered by mattapan26 7 · 3⤊ 1⤋
You need to consult with an estate planning attorney in your state. The laws regarding wills and trusts vary from state to state, so without knowing where you are, it is not only difficult but unethical to give you specifics on your options for making sure the property stays in the family.
Property can be held in some entities which survive your death. An example of this would be a corporation. Trusts can sometimes be effective in accomplishing this, but the title to the land may not be in your child's name at that point. However, what do you want to have happen to the land if the child DOES need to sell it? I.e. should the child be forced into poverty because they don't want to live on the land, no other family member wants the land, but the land is valuable?
Ultimately, you need to consult an estate planning attorney in your state who can give you more specific information on methods of accomplishing this, but restricting the disposition of the land in this case is not always the wisest solution.
2006-07-11 09:21:21 · answer #2 · answered by Phil R 5 · 0⤊ 0⤋
You need to contact an attorney in your jurisdiction. Most jurisdictions have a "rule against perpetuitiies" which makes it illegal to tie up property forever. Exactly how long you can tie it up and have it "stay in the family" so they will be unable to sell it will depend upon that law. It will also depend upon the imagination of the attorney.
2006-07-11 09:35:52 · answer #3 · answered by CAPTREE 4 · 0⤊ 0⤋
You're pretty much stuck as far as not being able to keep property in the family. You might want to just talk to your descendants and explain to them why you feel so strongly about them preserving the property and leave it to them in joint custody - that would be the best solution.
2006-07-11 11:20:58 · answer #4 · answered by Brian D 2 · 0⤊ 0⤋